A Veterinary Practice: What's it Worth?
Larry F. McCormick DVM MBA CBA
David F. McCormick MS
9 - 11am: Practice Value: What You Need to Know
What are the key factors that promote and drive practice value? Why
11:15 – 12:15 pm: Appraisals for Management & Planning and The No Lo Practice
A practice appraisal provides much more than just a value for a practice sale. The appraisal process provides a tremendous diagnostic tool to assess the financial and operational health of a practice and then can be most useful to establish management changes designed to improve the cash flow and ultimately, the practice's future value. We will also discuss the concept of the No-Lo practice, what makes a No-Lo practice and how to get out from under one.
1:15 – 3:15 pm: Practice Profitability for Exit & Entrance Planning
This session will focus on the issues surrounding ownership - for both the owner planning their exit and for the future owner planning an entrance. A "price and a handshake" will not get you very far these days. Planning and preparation will make a significant difference toward having a successful transaction. When should I start? What is a realistic timeline? Will the buyer get another appraisal? Who should be involved besides by attorney & accountant? Is money available or am I the bank? Are there buyers/sellers out there today? These questions and yours will be answered.
David McCormick is an experienced veterinary practice appraiser, practice management consultant and speaker/writer on practice valuation and management issues. He has presented at the AVMA Annual Convention, the North American Veterinary Conference, the Southern European Veterinary Conference as well as many other regional and state veterinary management association conferences. He is a member of the AAHA faculty team teaching the Veterinary Management School, Level 1.
David McCormick is a member of the Institute of Business Appraisers and a Charter Member of VetPartners, (formerly the Association of Veterinary Practice Management Consultants and Advisors). He has served as the President (2006) and Secretary (2001-2003), and is currently a member of the Nominations Committee and the Veterinary Valuation Resource Council. He is the practice management program coordinate for the Western Veterinary Conference 2011-13. He held a similar position for the AVMA’s 2003-2007 National Conventions.
Dr. Larry McCormick practiced small animal medicine and surgery following graduation from Iowa State University in 1967. He owned two AAHA accredited small animal veterinary practices in State College, Pennsylvania. He completed his MBA at Penn State University in 1996. In 1998, he joined in partnership with Dr. Jim Wilson forming the veterinary practice management firm, Priority Veterinary Management Consultants. In 2003, he separated from PVMC and began operating The McCormick Consultant Group and Simmons Mid-Atlantic with his partner and son, David.
Dr. McCormick is accredited as a Certified Business Appraiser by the Institute of Business Appraisers and has performed numerous valuation appraisals of veterinary practices. He has served as an expert witness for legal cases involving veterinary practice valuation. He has also been involved in numerous lectures, conference workshops and consultations involving both veterinary management and valuation issues. He is a Charter Member of VetPartners and was the chair of the Veterinary Valuation Resource Council for its first 6 years. In 2008, he received the Distinguished Life Member award from VetPartners in recognition of his service to the profession in veterinary practice valuation.
Box Lunch Provided
Register Online: www.iowavma.org
Download Registration form and mail to:
Iowa Veterinary Medical Association