Rick Wattles, DVM, CBA, CVA

Chief Financial Officer Certified Business Appraiser Certified Valuation Analyst

“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!”

From the article:
Finding the Right Price: The importance of profitability and market appeal in practice value

QUALIFICATIONS AS VETERINARY PRACTICE APPRAISER

EXPERIENCE

  • Performed over 625 practice appraisals and sales valuations, including 45 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, 457 medical equipment valuations and over 507 practice pro forma projections for buyers and lenders.
  • Chief Analyst and Valuator of the corporation involved in the sale of over 462 veterinary practices and associated real estate   
  • Private practice as a small animal practitioner from 1973 to 2005
  • Personally visited over 713 different veterinary practices            
  • Mixed (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 Pacific Professionals, Inc.

LICENSES AND CERTIFICATES

  • Certified Business Appraiser: Institute of Business Appraisers, Inc.
  • Certified Valuation Analyst: National Association of Certified Valuators and Analysts
  • 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, 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
  • California Veterinary Medical Association
  • Santa Barbara-Ventura Veterinary Medical Association
  • Association of Veterinary Practice Management Consultants & Advisors: Charter Member
  • Veterinary Information Network
  • Veterinary Information Network
  • Veterinary Information Network
  • Veterinary Information Network
  • Professional Management Consultants Association
  • Institute of Business Appraisers
  • National Association of Certified Valuators and Analysts
  • 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
  • Article, Factors Beyond Income in Practice Valuation, VetAdvantage Magazine Online, Sept. 2013

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