“When it comes to assessing the purchase of a veterinary practice, times have
changed. Young associates may not have much business experience, but they are
savvy enough to hire someone who does. They have learned that there are two
key ingredients in determining practice value: profitability and market appeal.
While this may seem like a simple formula, each of these ingredients has its share
of complications. Let me help you stay on the right track!”
changed. Young associates may not have much business experience, but they are
savvy enough to hire someone who does. They have learned that there are two
key ingredients in determining practice value: profitability and market appeal.
While this may seem like a simple formula, each of these ingredients has its share
of complications. Let me help you stay on the right track!”
Rick Wattles, DVM, CBA
Practice Analyst/ Appraiser
Chief Financial Officer
Practice Analyst/ Appraiser
Chief Financial Officer
| Finding the Right Price: The importance of profitability and market appeal in practice value |
Veterinary Practice Sale & Appraisal Specialists
Pacific Professionals, Inc.
| Pacific Professionals, Inc • (805) 524-3195 • Fax: (805) 524-3192 • pacproinc@aol.com |
| RICHARD O. (RICK) WATTLES, DVM, CBA 545 Sespe Avenue • Fillmore, CA 93015 • (805) 524-3195 • Fax: (805) 524-3192 |
EXPERIENCE
LICENSES AND CERTIFICATES
DESIGNATED EXPERT WITNESS
ASSOCIATION MEMBERSHIP
SPEAKING AND PUBLICATIONS
EDUCATION AND TRAINING
REFERENCES
On request
- Performed over 559 veterinary practice appraisals and sales valuations, including 43 dispute
resolution/arbitration cases, six small animal mobile, nine mixed animal, seven equine practices, two
dairy practices, 19 emergency/critical care clinics, several specialty and goodwill/intangible assets
valuation, 399 medical equipment valuations and over 462 practice income projections for buyers and
lenders. - Chief Analyst and Valuator of the corporation involved in the sale of over 426 veterinary practices and
associated real estate - Private practice as a small animal practitioner from 1973 to 2005
- Personally visited over 664 different veterinary practices
- Small animal and large animal practitioner from 1973 to 1976
- Purchased, leased, exchanged, sold and financed greater than 31 personally owned residential and
commercial properties from 1974 to present. - Leased small animal and large animal practice from 1973 to 1975
- Built a small animal practice in 1975 and sold practice in 1978
- Worked in 30 separate practices as an independent contractor from 1975 to 1980.
- Purchased an established small animal practice in 1980 and sold the practice in 1997.
- Purchased an established small animal practice in 2002 and sold the practice in 2005.
- Worked in 21 separate practices as an independent contractor from 1992 to 1993.
- Purchased national veterinary practice brokerage and appraisal franchise, June 1, 1992
- Established Pacific Professionals, Inc., a licensed real estate brokerage firm and California corporation
that brokers and appraises veterinary practices, February 2, 1994 - Chief Financial Officer of the corporation
LICENSES AND CERTIFICATES
- Institute of Business Appraisers, Inc.: Certified Business Appraiser
- American Society of Appraisers: Certificates for Levels I, II and III Business Valuations
- Appraisal Standards Board: Certificate in the Uniform Standards of Professional Appraisal Practice
- Licensed and accredited veterinarian, state of California
- Licensed by Department of Real Estate, state of California
DESIGNATED EXPERT WITNESS
- Superior Court, Cheyenne, Wyoming, July 1993
- Superior Court, Vista, California, December 1994
- Superior Court, San Diego, California, March 1995
- Superior Court, Santa Ana, California, December 2000
- Superior Court, San Diego, California, March 2001
- Superior Court, Los Angeles, California, April 2001
- Superior Court, Los Angeles, California, January 2006
- Superior Court, Santa Barbara, California, December 2008
- Superior Court, Lancaster, California, April 2009
- Superior Court, Norwalk, California, June 2010
- Superior Court, San Diego, California, August 2011
ASSOCIATION MEMBERSHIP
- American Veterinary Medical Association
- Association of Veterinary Practice Management Consultants & Advisors: Charter Member
- California Veterinary Medical Association
- Santa Barbara-Ventura Veterinary Medical Association
- Veterinary Information Network
- Professional Management Consultants Association
- Institute of Business Appraisers
- Phi Zeta and Phi Kappa Phi Honor Societies
SPEAKING AND PUBLICATIONS
- Annual Seminar in Practice Valuation at the Wild West Veterinary Conference, 1993 to 2006
- Presentations on Practice Valuations to local veterinary medical associations 1996 to present
- Guest Lecturer in Business Appraisals and Real Property Appraisals, Ventura College 2005, 2006
- Article, Compliance with Federal OSHA in Veterinary Hospitals, Veterinary Forum, 08-93
- Article, Fundamental Factors in Practice Valuation, Strategies for Success, Veterinary Economics, 2002
EDUCATION AND TRAINING
- University of California at Davis
- Bachelor of Science, Physiology, 1969
- Doctor of Veterinary Medicine, 1973
- University of California at San Diego, 1992 to 1998
- Financial accounting curriculum
- Financial Accounting and Financial Analysis: 4 courses
- Industrial Health and Safety
- Mira Costa College, 1991 to 1994, Ventura College 2006
- Real Estate Principles and Real Estate Practice
- Appraisal Mathematics
- Real Estate Appraisal, Advanced Income Property Appraisal
- Simmons and Associates, Inc., 1992 to 1994
- Practical training in appraisal and veterinary practice valuation
- Institute of Business Appraisers, Inc. 1992 to 2009
- Valuation of Closely Held Businesses and Professional Practices
- Data Sources and Data Evaluations
- Determination of Discount, Capitalization Rates and Risk Analysis
- Appraisal Report Writing
- Market Comparables and Direct Market Data Method
- Valuing Professional Goodwill; Determining Business Damage
- American Society of Appraisers, 1994 to 2001
- Ethics and Professional Appraisal Practice
- Level I: Cost and market approach; data gathering and analysis
- Level II: Income approach; report writing
- Level III: Case study using all approaches
- Level IV: Advanced topics
- Uniform Standards of Professional Appraisal Practice
REFERENCES
On request
| QUALIFICATIONS AS VETERINARY PRACTICE APPRAISER |
 | |  | |  | |  | |  | |  | |  |
 | |  | |  | |  | |  | |  |
