METRICS THAT MATTER VALUATION & TRANSITION FUNDAMENTALS FOR BUYERS AND SELLERS
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1 397 South Swing Rd Greensboro, NC bentsonclark.com METRICS THAT MATTER VALUATION & TRANSITION FUNDAMENTALS FOR BUYERS AND SELLERS Presented by: Chris Bentson AAO Practice Transition Seminar
2 Valuation and Transition 101 Orthodontic Practice Benchmarks Practice Overhead Trends Overview
3 tran si tion (noun) \tran(t)-'si-sh'n, tran-ezi-, chiefly British tran(t)-'si-zhen\ Definition: Passage from one state, stage, subject, or place to another : change Let s Define Transition
4 Current Environment
5 ENTITLEMENT EXPANSION CASH My Dad Me My Kids Source: visualizingeconomics.com, July 22, 2007 Visualizing Economics
6 Source: For income data: Sentier Research, LLC estimates of annual household income derived from the monthly Current mmmmmmmm Population Survey (CPS) conducted by the U.S. Census Bureau; for the unemployment rate and the CPI U: the U.S. Bureau of Labor Statistics. Median Household Income in Relation to Unemployment Rate
7 Source: An Amazing Chart About U.S. Finance You Have to See to Believe, July 3, 2013, Stansberryresearch.com Good News: Family Debt Burden at Record Low
8 Source: Wall Street Journal/Vistage Small Business Survey, August 28, 2013 Good News: Family Debt Burden at Record Low
9 Surgeons 2. Anesthesiologists 3. Orthodontists 4. Obstetricians & Gynecologists 5. Oral and Maxillofacial Surgeons Surgeons 2. Anesthesiologists 3. Oral and Maxillofacial Surgeons 4. Orthodontists 5. Obstetricians & Gynecologists Surgeons 2. Anesthesiologists 3. Oral and Maxillofacial Surgeons 4. Obstetricians & Gynecologists 5. Orthodontists Anesthesiologists 2. Surgeons 3. Obstetricians & Gynecologists 4. Oral and Maxillofacial Surgeons 5. Orthodontists Source: Forbes Magazine, May 4, 2009 Source: Forbes Magazine, July 12, 2010 Source: Forbes Magazine, May 7, 2011 Source: Forbes Magazine, May 15, 2012 Keep Your Perspective: Best Paying Jobs in America
10 Surgeons 2. Anesthesiologists 3. Orthodontists 4. Obstetricians & Gynecologists 5. Oral and Maxillofacial Surgeons Source: Forbes Magazine, May 4, Anesthesiologists 2. Surgeons 3. Obstetricians and Gynecologists 4. Oral and Maxillofacial Surgeons 5. General Internists 6. Orthodontists Surgeons 2. Anesthesiologists 3. Oral and Maxillofacial Surgeons 4. Orthodontists 5. Obstetricians & Gynecologists Source: Forbes Source: Forbes Magazine, Magazine, July 12, 2010 May 13, Surgeons 2. Anesthesiologists 3. Oral and Maxillofacial Surgeons 4. Obstetricians & Gynecologists 5. Orthodontists Source: Forbes Magazine, May 7, Anesthesiologists 2. Surgeons 3. Obstetricians & Gynecologists 4. Oral and Maxillofacial Surgeons 5. Orthodontists Source: Forbes Magazine, May 15, 2012 Keep Your Perspective: Best Paying Jobs in America
11 Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Edition Where Do You Fit In?
12 6% 4% 5% Solo Practice 16% Partnerships 69% Associateships Interdisciplinary Practice Large Corporate Practice Source: ADA News, ADA Explores Growth of Large Group Practices April 9, 2012 AAO Membership Breakdown
13 Oct 08 Apr 09 June 09 Sep 09 Nov 09 Mar 10 Jul 10 Oct 10 Jan 11 Oct 11 Dec 11 May 12 Oct 12 Apr 13 Sept 13 Dec 13 Feb 14 Sellers Buyers Source: American Association of Orthodontists, Practice Opportunity Database Current AAO Matching Service
14 Spouse Orthodontic Mentor Transition Advisor CPA Practice Consultant/ Wealth Manager Attorney Local Banker Insurance Advisor Who s on My Team?
15 Information Gathering & Planning Practice Valuation Find a Seller Transition Negotiations Association Period Ownership Transfer Transition Timeline
16 Information to Gather
17 * Age Yrs in Practice Gross Income (Rounded) Overhead Rate $200K $300K $414K $600K $800K $923K $960K $950K $1,158K 49% 53% 56% 53% 53% 55% 56% 59% 59% Case Starts Adult Case Starts Active Treatment Cases 15.4% 23.8% 20.2% 18.8% 22.2% 20.0% 20.0% 20.0% 23.0% Source: Journal of Clinical Orthodontists, 2013 Orthodontic Practice Study Practice Activity Trends
18 * Child Fee $1,900 $2,500 $3,200 $3,880 $4,700 $4,900 $5,150 $5,200 $5,280 Adult Fee $2,100 $2,700 $3,500 $4,200 $5,000 $5,300 $5,500 $5,550 $5,650 Two Year Fee Increase Payment Period (months) Assignment of Benefits Patients Per Day 15.5% 10.3% 10.0% 8.0% 8.0% 7.0% 6.0% 3.0% 3.5% % 49.5% 68.2% 76.4% 73.7% 77.2% 80.8% 79.7% 88.0% Source: Journal of Clinical Orthodontists, 2013 Orthodontic Practice Study Practice Activity Trends
19 Where is the Data?
20 Example Profit & Loss Statement
21 Practice Expense Average Staff Expense 24.2% Orthodontic Supply & Lab Expense 11.6% Business Management Expense 10.3% Occupancy Expense 9.7% Total Practice Expenses 55.8% Practice Income 44.2% Source: Does Your Practice Overhead Rate Compare? Bentson Clark resource, 2 nd Qtr 2013 Practice Expense Breakdown
22 Practice Expense Average Salary & Wages 20.5% Payroll Taxes 1.6% Uniforms 0.2% Continuing Education/Meetings 0.2% Health, Life & Disability Insurance 0.8% Pension, Profit Sharing 0.8% Other Staff Expenses 0.1% Total Staff Expense 24.2% Source: Exploring Practice Overhead: Staff & Supply Expenses, Bentson Clark resource, 3rd Qtr 2013 Total Staff Expense
23 Practice Expense Average Orthodontic & Lab Supplies 8.9% Lab Expenses 2.7% Total Orthodontic Supply Expense 11.6% Source: Exploring Practice Overhead: Staff & Supply Expenses, Bentson Clark resource, 3rd Qtr 2013 Total Supply Expense
24 Practice Expense Average Bank Charges 1.1% Advertising & Promotions 2.4% Automobile 0.0% General Office Supplies 1.9% Computer Expense 0.9% Insurance Liability, General 0.9% Licenses & Taxes 0.8% Outside Services Acct & Legal 0.8% Outside Services Other/Consultants 0.4% Postage & Shipping 0.2% Travel & Entertainment 0.3% Dues & Subscriptions 0.4% Other 0.2% Total Business Management Expense 10.3% Source: Exploring Business & Occupancy Overhead Expenses, Bentson Clark resource, 4 th Qtr 2013 Total Business Management Expense
25 Practice Expense Average Rent 6.9% Utilities & Telephone 1.6% Janitorial 0.2% Repairs & Maintenance 0.9% Other 0.1% Total Occupancy Expense 9.7% Source: Exploring Business & Occupancy Overhead Expenses, Bentson Clark resource, 4 th Qtr 2013 Total Occupancy Expense
26 30% Approximately how much student debt will you have accrued at the end of your residency? 26% 26% Percentage of Residents 25% 20% 15% 10% 22% 22% 21% 15% 17% 14% 24% 23% 23% 22% 19% 19% 18% 14% 22% 20% 18% 15% 5% 0% Less than $100,000 $100,001 - $200,000 $200,000 - $300,000 $300,000 - $400,000 More than $400, Source: Bentson Clark & Copple, LLC Resident Survey, Orthodontic Resident Survey
27 Source: Journal of Clinical Orthodontists, 2013 Orthodontic Practice Study Every Ortho Has a Budget Not!
28 What s My Practice Worth? Source: Bentson Clark resource, 1 st Quarter 2014
29 Year Net Collections Overhead Rate Practice Income Value Value as % of Collections ,130, % 550, , % ,366, % 690,370 1,056, % ,375, % 646,342 1,023, % ,383, % 623,568 1,049, % ,326, % 580,038 1,020, % ,569, % 697,965 1,206, % ,805, % 794,756 1,428, % ,549, % 702,622 1,260, % Source: Looking Back at the Practice Valuations of 2013, Bentson Clark resource, 1 st Quarter 2014 What s My Practice Worth?
30 Major Factors in Value/Price Profitability Condition of office, equipment, practice management system Contracts receivable balance / PIF Location, location, location Competition Staff Referral Patterns Demand
31 Today s Orthodontic Residents
32 Place Yourself in These Shoes
33 AAO s Practice Opportunities Service Merleen (Holman) Leonce Practice Opportunities Manager (800) Ext. 587 mholman@aaortho.org
34 Source: Bentson Clark & Copple, LLC Resident Survey, 2013 Where to Practice?!
35 California 1. California 1. California 1. California 1. California 2. Texas 2. Texas 2. Texas 2. Texas 2. Washington 3. New York 3. Pennsylvania 3. New York 3. New York 3. Pennsylvania 4. Florida 4. Florida 4. Florida 4. Illinois 4. Colorado 5. North Carolina 5. Washington 5. Virginia 5. Pennsylvania 5. New Jersey 6. Washington 6. New York 6. Colorado 6. Washington 6. Arizona 7. Colorado 7. North Carolina 7. Georgia 7. Colorado 7. New York 8. Michigan 8. Colorado 8. Pennsylvania 8. Virginia 8. Oregon 9. Pennsylvania 9. Virginia 9. Illinois 9. Georgia 9. Texas 10. Massachusetts 10. Georgia 10. Utah 10. Florida 10. Virginia Source: Bentson Clark & Copple, LLC Resident Survey, Popular States for Residents
36 West Virginia 1. West Virginia 1. West Virginia 1. Vermont 1. Wyoming 2. Vermont 2. Vermont 2. Vermont 2. Montana 2. West Virginia 3. South Dakota 3. South Dakota 3. Rhode Island 3. Arkansas 3. Wisconsin 4. Rhode Island 4. New Hampshire 4. North Dakota 4. Delaware 4. Vermont 5. New Mexico 5. Washington, DC 5. Iowa 5. Maine 5. North Dakota 6. Minnesota 6. Rhode Island 6. Arkansas 6. Hawaii 6. Oklahoma 7. Hawaii 7. Wyoming 7. Wyoming 7. Idaho 7. Minnesota 8. Delaware 8. Nevada 8. South Dakota 8. Iowa 8. Maine 9. Alaska 9. Montana 9. New Mexico 9. North Dakota 9. Louisiana 10. North Dakota 10. Iowa 10. New Hampshire 10. Wyoming 10. Hawaii Source: Bentson Clark & Copple, LLC Resident Survey, Least Popular States for Residents
37 Source: Dr. Bob Scholz s website, Multiple Types of Transitions Startup Associateship Associateship, leading to buy out Associateship, leading to partnership Solo Group Practice Employee of Corporate Entity The pediatric dentist s orthodontist The general dentist s orthodontist Gypsy orthodontist/an employee for several
38 THANK YOU! 397 South Swing Rd Greensboro, NC bentsonclark.com
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