When Accruit Holdings LLC, was founded by Brent Abrahm in 2000, the exchange industry focused mainly on real estate, even though at the time the tax code allowed taxpayers to defer various levels of taxes that would otherwise be payable on both qualifying real estate and personal property. Abrahm was an industry pioneer, being perhaps the first to concentrate on personal property.
As a result, Abrahm’s unique approach in the market propelled Accruit to become the largest provider of 1031 Exchange Services for personal property in the country. When personal property exchanges were removed from the tax code in 2017 as part of the Tax Cuts and Jobs Act, nearly 75% of Accruit’s revenue disappeared.
“Many leaders in Brent’s situation would have packed it up, however, Brent recognized the power and nimbleness of technology and pivoted,” said his colleagues.
Accruit Holdings LLC, is a national leading 1031 Exchange Qualified Intermediary and developer of patented 1031 Exchange Workflow Technology – Exchange Manager ProSM. The firm’s mission is to change how investment real estate is transacted.
The technology that Abrahm embraces drives the bottom line of results, consistent delivery of services, and state-of-the-art security through efficient workflows and the automation of routine, repetitive processes. Under Abrahm’s leadership, the company outpaced competitors and has grown transactions by 84%.
Abrahm said if he could give his younger self advice, it would be to have patience with a disruptive idea. “Don’t be discouraged by slow adoption early in the launch,” he said. “Invest in the right people and surround yourself with the brightest minds who support your vision while effectively testing and challenging your plan.”
Being challenged by a plan is something Abrahm has embraced, posting impressive financial growth over the past three to five years at Accruit. This impressive growth led to a successful sale to Millennium Trust Company in April 2023. Abrahm remains CEO of Accruit and continues to run the company independently under the MTC umbrella.
In addition to the financial growth, Abrahm has created a workplace where employees thrive and provide top-tier customer service, said his staff. “Brent’s dedication to the industry as a whole, not just his own company, truly makes him a titan,” they said.
He has been involved in the 1031 Exchange Industry’s trade association, the Federation of Exchange Accommodator, and was awarded the FEA President’s Award in 2009 and 2016.
