ITR Economics, the acclaimed forecasting firm that for years has provided flooring industry executives with their expertise, market research findings and incredibly accurate economic projections to help business owners make strategic business decisions, has announced the sale of the company to Crowe LLP, a public accounting, technology and consulting interest headquartered in Chicago. Financial terms of the transaction were not disclosed.
According to Chad Kellar, leader of Crowe’s Strategy & Transactions consulting business, the transaction will enhance and expand Crowe’s strategic advisory capabilities, offering economic insights and analysis to complement the firm’s existing portfolio of traditional consulting and deal advisory services. ITR Economics, led by twin brothers Alan and Brian Beaulieu for nearly 40 years, will operate as a subsidiary of Crowe upon completion of the transaction.
“ITR is a well-established firm with a proven track record of nearly 95% accurate forecasts and delivering exceptional client insights and intelligence that empower business leaders to make informed decisions in this ever-changing business environment,” Kellar stated. “Adding the ITR team and capabilities allows us to enhance the value we bring to our clients and play a more meaningful role across their value chains.”
ITR Economics’ services include market and industry forecasting, sales and demand forecasting, as well as strategic and budget planning. Adding these capabilities to Crowe’s robust portfolio of consulting offerings—including performance improvement, risk consulting, deal advisory, legal and compliance, business transformation, and more—will further enable the firm to maximize business value for its clients and guide them through an evolving marketplace. “Our ability to provide deep industry expertise alongside economic insights and analysis will help our clients unlock their full potential,” Kellar added.
Smooth transition
The good news for flooring industry executives, who have grown familiar with the Beaulieu brothers following so many appearances and presentations and many industry conferences, is the firm expects to continue maintaining a presence at flooring industry conferences. The only change, according to the brothers, is audiences can expect to see more of the younger generation at ITR Economics making those presentations.
“We are moving into a future that we are looking forward to, both personally and professionally,” Alan said during a prepared video message. “We have changes that are going on, but a lot of things are not going to change. What is changing is we’ve been acquired by Crowe LLP, a very, very large accounting firm. But more importantly, their culture aligns with our culture very nicely. They value what we do here at ITR Economics and the way that we do it, and they’re committed to have that continue forward—and that makes us very happy.”
Brian, who joined his brother during the video presentation, assured viewers and followers of the company that ITR Economics will continue to operate as it has in the past—unbiased and apolitical. “We just see the numbers the way we see the numbers,” he explained. “We have to be the trusted advisors that we’ve worked very hard to be. Crowe has made it very clear that’s why they’re acquiring us.”
With the acquisition, ITR Economics will be able to expand its client base. “They’re going to bring us into new markets and we’re going to give them new advisory services,” Brian said. “It’s going to be a really solid future. We’re going to be the same ITR that you have known. We don’t expect major changes in that regard. We’ll be rolling out some additional services, but your trusted economists, the ones that you’ve been used to, are still part of the ITR team.”
In recent years, ITR Economics has given more exposure to its next generation of economists, including young experts and rising stars such as Connor Lokar and Lauren Saidel-Baker. This new generation, according to ITR, is more than capable of ushering in the next era of the company. “You can expect the same forecast accuracy, you can expect the same service, you can expect the same lighthouse that comes with being trusted advisors,” Alan said. “ITR will continue to move forward and offer new things and also keep you up to date with what is going on in the world—which is one of our core values. One of the things we’re committed to is your well-being. Although we will not be here after a while, we are excited about the next generation. When we look to the future, we are confident in the skill level of the leaders who are behind us.”
Don’t expect the Beaulieu brothers to suddenly vanish, though. ITR “forecasts” a window of 12-24 months before they officially retire from touring. “We’re still here,” Brian said. “We’re still us. We just wanted to let you know that who we are as a company and what we do isn’t changing, even though the ownership has changed.”
In closing the video message, the brothers extended a note of gratitude to followers and subscribers. “We want to thank you for letting the two of us individually, as well as the other 80 people working here, be a part of your business, be a part of your lives,” Alan said. “We’ve made some really good friendships over the years, and we will treasure them always. We’ve enjoyed what we’ve done, but now it’s time for the next generation. Thank you for letting us be a part of your life. We will continue to see the future first for you.”