Looking to re-brand our 11 year old (long & geo specific) physical therapy practice name to one that is shorter, easier to pronounce and less geo specific. Thought is to make it more brandable as well as expandable to other areas besides improving the exit value in future. Current name is similar to 'Dayton Physical Therapy Associates' (actual city name replaced with Dayton) and it appears on top of local area search results organically. Is re-naming worth the effort in this case for the good reasons stated above?
Re-naming is re-branding. And re-branding requires an investment of time and money. However, you could change your business name and still maintain your rankings. Having a solid SEO and PPC strategy will help you. Just because you would drop the geotargeted location from your business name doesn't mean that you won't be able to rank in a top spot.
I would recommend the old advice of putting together a business plan around the new brand you're envisioning, identifying specific, measurable goals you are looking to achieve.
Then I would work backward to identify everything you need to do to develop, or enhance, the brand to meet the standards of your vision. Financially, does this change make sense? Will it improve your customers' experience?
This is a deep topic, but hopefully all of our comments can help you arrive at a decision you're confident with.