Exchange Authority was founded as an LLP in July 1999 by Tim Halligan and John Kimball. Both were attracted to the business because of their interest to work on more complicated real estate transactions. In the late 1990’s the exchange business was just gaining traction as a viable mechanism to help clients defer capital gains taxes. Since the company’s beginnings, regulations have become stricter and more complex.
Demand for Exchange Authority services has grown over time. Exchange Authority of Leominster as seen the audience for 1031 exchanges expand from small business owners to everyday investors and soccer moms. The benefits of changing the form of your investment, most commonly real estate, without cashing out or recognizing a capital gain is highly appealing, allowing your investment to continue to grow tax deferred.
In 2008, Exchange Authority was sold to Fidelity Cooperative Bank, making it a wholly owned subsidiary of the bank. At that time, founder John Kimball retired and Tim Halligan became President. Tim recalls some of the more intriguing exchanges in the company’s history:
“In 2005 a race horse that won the Preakness and sold for 11 million dollars was exchanged. And back in 2000 we had an exchange involving the Hyline Cruise ship Grey Lady II which ran from Cape Cod to the Nantucket and Martha’s Vineyard Islands and is today docked in Catalina. Exchanges also have involved artwork. Once a client sold a 10% interest in an Andy Warhol painting in exchange for several pieces of new artwork for her collection.”
Over his career, Tim has retained his enthusiasm for the exchange business and has a reputation industry-wide for solving even the most complex and difficult 1031 exchanges. One of the highlights of his work is when he gets to speak with Attorneys, public accountants and realtors and helps them assist their clients to take advantage of the tax laws.
In 2015 Robert Charland joined the Exchange Authority as Chief Operating Officer. Leading the Leominster team he spends his days speaking to and serving a new generation of investors who want to learn more about Section 1031 of the U.S. Internal Revenue Code and the opportunities to defer capital gains taxes.
Today, the Exchange Authority continues to be the company of experts that the experts turn to for 1031 advice. If you need help doing the math on your investment properties or more, call the Exchange Authority in Leominster. For generations they’ve helped people just like you and continue to serve with a tradition of excellence and 100% client satisfaction.
Contact the Exchange Authority Today
Our qualified intermediaries will answer your questions and ensure that your transaction meets all the requirements for a successful exchange.