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According to the American Veterinary Medical Association (AVMA), as of 2008 there were nearly 60,000 private veterinary practices in the United States. Representing a wide variety of specialties, business models, and valuation challenges, these practices are undergoing the same level of Baby-Boomer-related turnover as other industries, while facing demographic changes to both veterinarians and the types of animals they treat – all while facing the uncertainty of today's market.
On September 2, our all-star panel of Cindy Collier, David Greene, and Byron Farquer will help listeners navigate through the tricky spots of veterinary practice valuations: everything from emerging industry trends and common business practices to finding the right data for your valuation and parsing through the books of any valuation target. In addition to hands-on examples and case studies, this teleconference will feature the valuation expertise of Cindy Collier (co-editor of BVR's Guide to Healthcare Valuation), the brokerage experience of David Greene, and the insights of Byron Farquer, a Doctor of Veterinary Medicine and veterinary practice broker.
Program Agenda
Welcome & Introduction
Overview of the Veterinary industry
Trends during and despite the recent recession
Lending trends
Start-up trends
Value Drivers and Risk Factors
Practice Characteristics
Large vs. Small animal practices
Transferability of goodwill
Community vs. personality driven practice areas
Single vs. multi doctor practices
Building value within the practice
Biggest value "gotchas"
Applying valuation methodologies to veterinary practices
Asset approach
Determining FMV of equipment
Marketability discounts in equipment
Inaccuracies in balance sheets and depreciation schedules
Market approach
Limitations in data when using private transaction comparables
Income Approach
Capitalization discounts
Growth rates
Adjustments and normalizations of the income stream
Q&A
Learning Objectives
Understand how differences in practice type affect the determination of value
Learn how to properly account for the intricacies of veterinary practices, their income streams, and their equipment
Familiarize yourself with recent trends in the industry and how they impact valuation drivers
Clarify which valuation approaches work best and why
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