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WHAT ABRAMS CLIENTS SAY"We have been successful in sustaining the taxpayer's position in every case where Abrams valuations have played a part" Dear Jay: It is certainly my pleasure to add my voice to the chorus of estate planning professionals enthusiastic about your service. As you know, this 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. As you know, 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 you 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 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 fifty year history. Finally, it became apparent that you enjoyed the great respect of one of the supervising agents in that 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. These sorts of results speak highly of the quality of your work and of your reputation in the industry. I look forward to continuing our professional relationship. Best of luck with the new book. Very truly yours,
William F. Kruse
"Suddenly We Needed to Restructure Our Ownership" To Whom It May Concern: 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 Abrams Valuation Group, Inc. 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. Sincerely yours,
Peter D'Almada, CEO
"I seriously doubt we would have raised the capital…without their input" 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. "Mr. Abrams' testimony was critical in this trial" I am a practicing attorney, admitted to the California State Bar on January 4, 1949. I write this letter of recommendation pertaining to Jay B. Abrams of Abrams Valuation Group, Inc.. 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 critical in this trial and was very important in the successful outcome resulting from the trial. I believe Jay B. Abrams to be an experienced and competent for cases involving valuation of business. Very truly yours,
Stanley Sevilla, Esq.
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