I was the lead counsel in a very complex construction-defect litigation case involving a three-story medical building. The case was filed against the architect, the contractor, and numerous subcontractors. The medical group that owned the building had extensive damages in connection with loss of income while the building was being retrofitted to meet earthquake standards. Mr. Abrams was instrumental in providing quantification of the plaintiff's damages for loss of income and other damages in connection with the case. With the assistance of Mr. Abrams, the plaintiffs were able to settle the litigation for a substantial sum. I would recommend Mr. Abrams for any type of expert valuation issues.
—Thomas M. Monson, Miller, Monson, Peshel, Polacek, & Hoshaw

In 1986, a client retained Mr. Abrams as an expert witness to testify regarding the valuation of a business in a trial that I prosecuted for this client. Mr. Abrams' testimony was . . . very important in the successful outcome of this trial. I believe Jay B. Abrams to be experienced and competent for cases involving valuation of business.
—Stanley Sevilla, Esq., Pacific Palisades, Calif.

Jay Abrams and his firm, Abrams Valuation Group, Inc. (AVGI), have performed approximately 25 valuations for clients of our firm. Their work product is excellent. Their valuation reports reflect mathematical sophistication, clear communication, careful documentation, and meticulous attention to the smallest detail. Additionally, the AVGI team has always been responsive and sensitive to our needs. At times, they have worked around the clock to produce the reports that we needed for a rush job.
—Daniel H. O'Connell, O'Connell & Bouman

I recently had the pleasure of working with Abrams Valuation Group, Inc., on a complex assignment. We are the founding family of Ralphs Grocery Company and are currently developing a 3,600 acre master-planned community in San Diego County.

Jay Abrams and Chaim Borevitz worked closely with us on one valuation project. I found them to be extremely sophisticated in their work, with a keen attention to both the big picture and the minute details. Jay had to interface with a fairly large number of family members, company employees, and professionals and did an excellent job of keeping everyone informed and making sure to keep up the momentum on the assignment to bring it to a timely completion. Beyond the pure technical valuation analysis, he was also careful to point out important strategic questions and considerations to help us in our decision-making. As such, his input was invaluable to us.

I intend to use Abrams Valuation Group, Inc. for our valuation needs in the future, and I can wholeheartedly recommend them to others.
—Linda Ralphs, CEO, 4-S Ranch Company

It is certainly my pleasure to add my voice to the chorus of estate-planning professionals enthusiastic about your service. [Our] law firm deals with numerous high-net-worth individuals and offers them sophisticated estate planning, business succession planning, real estate, and tax services. In these areas of the law, it is often necessary to have an appropriate value analysis to encourage rational decision-making. It is primarily with tax matters, however, where an aggressive, academically based approach to business valuation is critical. I have relied on Abrams Valuation Group, Inc., for sophisticated valuation of business operations. These thoughtful and well-documented analyses have provided ample justification for your valuation conclusions, even in the face of attack by the IRS. I am pleased to say that we have been successful in sustaining the taxpayer's position in every case where Abrams valuations have played a part.

In one particular dispute with the IRS, we called upon AVGI to shore up the taxpayer's position after an audit had already begun. You were able to correct the work of the prior appraiser, and offered the IRS a complex and creative analysis. In that analysis, you showed that the business was overvalued by the prior appraiser in a number of ways. In one example, you subtracted from the gross revenue a hypothetical rent expense derived from implicit rental income that had been determined by an independent real estate appraisal. You also demonstrated a very significant reduction in value based upon a presumed liquidation of the business, demonstrating it had little or no going-concern value despite its 50-year history. Finally, it became apparent that you enjoyed the great respect of one of the supervising agents in the IRS office, and I strongly suspect that he encouraged the otherwise-aggressive auditors to back off in the face of your analysis. The client, of course, was very pleased.
—William F. Kruse, Lagerlof, Senecal, Bradley, Gosney & Kruse

We have worked with Jay Abrams and his firm, Abrams Valuation Group, Inc., on a number of assignments. A recent acquisition in which we worked together involved tremendous time pressure, as the closing of a transaction of nearly $100 million depended on his valuation. We were attorneys for the seller in this transaction.

There was significant pressure from the buyer and some key people in the [seller's firm] for the latter to forego being paid for a certain asset that appeared to be worthless, i.e., to cede it to the buyer for nothing. Mr. Abrams' analysis showed that asset to be worth close to $1 million, and subsequent events have indicated his analysis to be correct. That enabled us to prevail in our negotiations with the buyer and get paid for the asset.

In the same transaction, the seller had been in research and development on a technology that would have led to a product that appeared to have significant value. The buyer was uninterested in that technology, as it did not fit in its business profile. Some members of the seller's management wanted to spin off the technology to its stockholders. . . . While we had only asked Mr. Abrams to value the technology, which he did, he provided us with additional analysis that made it crystal clear that pursuing the spinoff was really risking a net $9 million in transaction value to the seller. After seeing his report, the board of directors was able to come to swift, unanimous decision to jettison a project that was jeopardizing a $100 million sale and had far less value than we thought.

The team at Abrams Valuation Group, Inc., worked long hours at a very fast pace to comply with our short deadlines, and their work saved our client $10 million.
—H.A., Esq. (Name and firm withheld due to company policy)

In 1990, I was offered an opportunity to buy this business. To determine if that price was reasonable, I engaged Jay Abrams to value the business. After his initial work, without yet having the benefit of speaking to the seller, Mr. Abrams calculated a tentative value. At this point, he offered me a choice—he could take a slightly more passive role and merely write a valuation report for both buyer and seller to read, or he could actively work with the seller to explain his report and actually negotiate on our behalf. I chose the latter.

Initially, the seller initially was hostile and did not appreciate an expert telling her that her business was worth less than one-quarter of her offering price. However, Mr. Abrams worked with the seller to educate her in how an expert values a business and showed her how to impact the valuation by refining and improving the assumptions. The bottom line is that I bought the business for 30 percent of the offering price. I was delighted with Mr. Abrams' skills in valuation, education, and negotiation. I can heartily recommend his as a business valuation expert.
—John Pullen, Ph.D., Center for Help for Anxiety/Agorophobia through New Growth Experiences (CHAANGE)

I recently had the opportunity of working with Jay Abrams and his firm, Abrams Valuation Group, Inc., on a most difficult situation. I originally engaged AVGI to value stock in my company for income-tax purposes. On very short notice, the valuation evolved into a much broader and more in-depth analysis, as it quickly became necessary to do a major restructuring of the ownership of the company.

Jay Abrams and Chaim Borevitz worked rapidly to identify the new key issues and produced the required analysis within a matter of days. I would gladly recommend Abrams Valuation Group, Inc. for your valuation services.
—Peter D'Almada, CEO, Randall International

I engaged Abrams Valuation Group, Inc., to develop a quantitative valuation model to assist us raising capital for our biotechnology company. Jay Abrams and Chaim Borevitz worked late hours at a breakneck pace to accomplish the assignment on time at a reasonable cost. Most importantly, we raised our capital at an appropriate valuation during the worst capital markets in the past decade.

Jay and Chaim developed a high-level financial model that had clarity in content and presentation. Additionally, in the process Jay invented what I understand is a new quantitative technique to accurately calculate the effects today of dilution in investor ownership that will occur from future rounds of funding. This sophistication and accuracy was necessary to convince venture capitalists and sophisticated investors to fund our company.

After producing the valuation, Jay put in close to one week to verify and test the accuracy of his new technique—time for which he was not getting paid. It was clear to all involved that he cared far more about the accuracy and quality of his work than he did about how much he was being paid. His honesty and integrity impressed everyone involved. I can recommend Abrams Valuation Group, Inc. without any reservations whatsoever. I seriously doubt we would have raised the capital we needed in this environment without their input.
—Jeffrey Segal, M.D., President and CEO, DarPharma, Inc.