Accruit 1031 LKE Exchanges Can Drive Cash Flow Benefit of 40% or More
While there are hundreds of Qualified Intermediaries in the United States, a vast majority of them offer a limited array of services and continue to rely on antiquated, cumbersome paper-based methods that sap efficiency and value from the 1031 exchange process. One 1031 like-kind exchange (LKE) provider, however, is transforming the industry with advanced technology and end-to-end service offerings.
In 2008, the US Patent Office awarded Denver-based Accruit the 1031 exchange industry's first and only patent for LKE process (U.S. Patent No. 7,379,910, and other patents pending). This technology process now lies at the core of the industry's only comprehensive suite of like-kind exchange services, which fully integrate asset management, QI services, one-to-one client service and a variety of secure banking options tailored to the client's specific requirements.
Accruit provides all types of LKE allowed by law (including reverse exchanges, improvement exchanges and large-scale exchange programs for high-volume businesses) and serves a wide range of industries:
- Oil & Gas
- Heavy Equipment
- Corporate and Commercial Real Estate
- Transportation (Ground, Marine, Air, Rail)
- Auto/Truck Rental
- Personal Investment/Collectibles
- Telecom and IT
- ...and more
Accruit serves 500+ clients, conducts in excess of 250,000 exchange transactions per year, has roughly $8 billion in assets under management, and has helped companies in over 20 industries transform billions of dollars in tax liability into working cash. It also boasts strong strategic relationships with some of the nation's most outstanding businesses and industry organizations. These partnerships include:
- Exclusive 1031 Exchange Provider: Petroleum Listing Service, the O&G industry's premier information and services platform provider for buyers and sellers;
- Exclusive 1031 Exchange Provider: Ritchie Bros. Auctioneers, the largest industrial auctioneer in the world;
- Exclusive 1031 Exchange Provider: Fidelity National Information Services, the world's top-ranked technology provider to the banking industry;
- Preferred 1031 Exchange Provider: Associated Equipment Distributors, the international trade association representing companies involved in the distribution, rental and support of equipment used in construction, mining, forestry, power generation, agriculture and industrial applications; and
- Exclusive 1031 Exchange Provider: Network International, the global marketplace for buying and selling energy equipment through online auctions and private sales in the Oil & Gas, Petrochemical and Power industries.
Accruit represents a particular expertise in oil and gas. Prior to co-founding Accruit, President and CEO Brent Abrahm's responsibilities with the corporate Vendor Asset Materials Management group at Amoco Production Company positioned him to pioneer the development of innovative asset management and LKE programs. He then managed the procurement and reclamation divisions for various OCTG enterprises and consulted with technology firms in exploring alternative avenues for disposing of idle and surplus assets. It was during this period that he realized the potential of LKEs as an integral component of all asset-intense business processes, leading him to co-found Accruit with a leading O&G tax attorney in 2000. Today, Accruit's impressive client list includes both large and mid-sized O&G companies, as well as a number of businesses that provide key services for the oil and gas industry.