MicroCapClub

Tristan is a tax accountant in Australia and a member of MicroCap Club. He is a long-time shareholder of Kelly Partners Group ($KPG.AX), the accounting firm rolling up small practices in Australia and now overseas, and of AF Legal Group ($AFL.AX), the listed family law firm expanding into criminal law and contested wills. He also spent part of his career working inside a Kelly Partners firm.

This discussion took place live on September 3rd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

In this episode, Tristan explains why he sees AI as another tool rather than a threat to accounting, how Kelly Partners structures its 51% partnership stakes and ten-year partner lock-ins, why the special purpose vehicle around each deal matters, and where the margin improvement in an acquired firm actually comes from. He then walks through AF Legal, the turnaround since the 2022 management change, the software implementation and one-off costs that weighed on the second half, the receivables build in the contested wills business, and what he thinks it takes to hit the AUD $50 million revenue target.

✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 Introduction to the episode and Tristan's background
02:08 What is Kelly Partners and its focus on business advisory
05:02 Workflow changes and automation at Kelly Partners
08:40 Partnership structure and stakeholder management
12:14 Client selection and due diligence in acquisitions
15:53 Entry multiples and value creation in acquisitions
17:09 Margins, productivity, and cost management
18:38 Valuation multiples and future outlook
20:24 Acquisition of Hello AI and strategic hires
21:08 Why Kelly Partners succeeds and others fail
23:22 Managing debt, enterprise value, and financial structure
24:38 Overview of AFL and recent performance
26:03 Project Titan and software implementation
29:03 Receivables buildup and future cash flow
30:04 Growth targets and margin improvement opportunities
31:47 Outlook, catalysts, and risk factors
33:29 AI's impact on pricing and competitive dynamics
35:06 The importance of human relationships in professional services
36:27 The role of the commercial team and client acquisition
37:36 Summary and closing thoughts on the future of firms

Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato, Sergio Heiber, and Lindsay Leeds sit down with WidePoint Corporation’s (WYY) CEO Jin Kang and COO Todd Dzyak. The company was originally profiled by Sergio Heiber on April 13, 2025, at $2.82 USD per share. 
This discussion took place live on August 26th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 
Jin Kang is CEO of WidePoint Corporation (WYY), a mobility-as-a-service company that secures, manages, and monitors mobile technology assets for federal agencies and large enterprises, delivered under a SaaS model. He joined WidePoint in 2008 when it acquired the company he founded, and took over as CEO in 2017. He is joined by COO Todd Dzyak.
In this business breakdown, Jin and Todd walk through the company's near-term catalysts: a roughly $50 million five-year SaaS contract with one of the three major U.S. wireless carriers, the 10-year $3.1 billion DHS CWMS 3.0 award currently sitting in a GAO protest, and prime positions on NASA SEWP VI and Navy Spiral 4. They explain how the protest process works and what happens in each outcome, why FedRAMP authorization on the ITMS platform matters competitively, and how WidePoint's PKI-based credential on a smartphone differs from Okta and standard app-based two-factor authentication. The conversation also covers federal contract pricing and margins, what actually decides a competitive award, the sales cycle for both government and commercial customers, and why the company is holding a net cash position while self-funding growth.
✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte
Chapters
00:00 Introduction
01:49 Jin Kang and Todd Dzyak backgrounds
04:17 Presentation begins
05:10 What WidePoint does: mobility as a service
06:10 Financial snapshot and valuation
07:05 Catalyst 1: the ATV carrier contract
07:35 Catalyst 2: the $3.1B DHS contract and protest
08:10 Catalyst 3: device as a service with CDW
09:00 NASA SEWP and addressable market
09:50 Core competencies and differentiators
11:15 FedRAMP authorization and why it matters
12:40 Mobile Anchor and the 365 Analyzer
14:05 Identity and access management: DoD-grade MFA on smartphones
15:30 Contract vehicles and strategic partners
17:50 Financial results and trends
18:45 Growth strategy
20:41 Q&A: moving into the commercial market, and how they differ from Okta
24:18 DHS 3.0: revenue mix, headcount, and economics
28:35 Pass-through revenue assumptions
29:46 The GAO protest timeline and the 100-day clock
31:34 Replacing the CRO and building the commercial sales team
35:04 International presence, Ireland, and the CSG relationship
37:01 What happens if the protest is upheld
40:30 What DHS is and how protests are decided
43:01 Sales cycles: government vs. commercial
46:27 How their authentication differs from Google and Microsoft
48:42 On-device key generation vs. keys sent over the air
51:30 The biggest bottlenecks to faster growth
54:02 Pricing, margins, and annual increases
56:16 What wins a competitive contract
57:56 Opportunities in other federal departments
59:48 Net cash position and capital allocation
Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing.

Joe Kaye is a former actuary who now runs a concentrated separately managed account and is preparing to launch a standalone fund. Since 2023, he's compounded client capital at close to 40% a year, holding ten positions or fewer, filtered for low valuation, low debt, and a strong position in a niche market.
This discussion took place live on July 17th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 
In this episode, Joe explains why he moved away from special situations investing toward high-quality, low-leverage businesses, and walks through two case studies: a semiconductor-testing microcap on the Tel Aviv Stock Exchange that became his best trade, and Atento, a Brazilian BPO company whose currency hedge and a cyber attack turned it into his worst. He also talks about how he manages FOMO and confirmation bias in his process.

✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters
00:00 Introduction and Joe's background 02:26 Transition from actuary to investing 05:21 Evolving investment strategies 08:39 Shift towards high-quality, low-leverage businesses 14:01 Managing client funds and fund structures in the UK 18:20 Concentrated portfolio and risk management 20:34 Investment philosophy and key criteria 29:28 Finding the 'Holy Grail' investments 43:03 Case study: Semiconductor business in Israel 52:36 A significant failure and lessons learned 01:05:55 The role of spirituality and yoga in investing
Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato and Joel Kirkpatrick sit down with LibertyStream Infrastructure’s (LIB.V/VLTLF) CEO Alex Wylie. The company was originally profiled by John LaGourgue on October 14, 2025, at $0.40 CAD per share.

This discussion took place live on August 20, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

Alex Wylie is the CEO of LibertyStream Infrastructure (LIB.V/VLTLF), which extracts lithium from oilfield brine in the Permian Basin. He spent 25 years in oil and gas before starting the company in 2021 and has taken it from lab work through six generations of field equipment to a signed offtake agreement with a U.S. industrial customer.

Alex walks through the three steps behind the business, pretreatment, extraction, and refining, and why the Permian's existing water infrastructure, roughly 20 million barrels a day, makes low-grade brine a workable feedstock. He discusses the Freedom One facility being built with Select Water Solutions and the plan to reach commercial production in 2027, why he frames the build-out as multiplication rather than scaling, and the company's S-1 filing and move to a U.S. exchange. He also addresses dilution, how the build-out gets financed, and what shareholders should watch for over the next six to twelve months.

✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 Intro
01:53 Beaker to Field
14:15 The S-1 Filing
17:14 IPO, Capital & Dilution
19:05 Freedom One Timeline
20:50 Scaling vs. Multiplying
23:10 24-Hour Runs
24:35 Select's New Mexico Push
27:32 Other Water Partners
29:09 Unit Cadence & Demand
31:49 Building in Parallel
32:53 How Offtakes Get Done
35:35 Funding the Build-Out
38:10 Next 6-12 Months
41:47 The Extra 400 Tons
44:33 Existing Shareholders
45:43 Customer Prepayments
47:02 Returns & Leverage
48:52 Hiring in West Texas
49:55 Why Not Build Bigger
51:34 Green-Lighting Units 2, 3, 4
53:48 North Dakota
54:46 Staying the Leader
56:20 Board Changes

Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato sits down with Kelly Partners Group’s (KPG.AX/KPGHF) CEO Brett Kelly. The company was originally profiled by Adrián Hernández on April 7, 2021, at $2.01 AUD per share.

This discussion took place live on August 12th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

Brett Kelly is the founder and CEO of Kelly+Partners Group Holdings (KPG.AX/KPGHF), the accounting group he started in 2006 and listed in 2017. It now runs 42 businesses with around 100 partners under its partner-owner-driver model, and has grown revenue from $30 million at IPO to a run rate of roughly $165 million.

In this episode, Brett explains why he sees AI as an enabler for accounting firms rather than a threat, and why he has stopped publishing the group's playbook. He walks through how a list of everything he and three partners disliked about the firms they had worked in became a 204-point implementation checklist, and why leadership quality decides whether it ever gets used. He also addresses the margin loan he took during a family emergency this year and the 50% share price fall that cost him 14% of his shareholding, along with what comes next: acquiring multi-office firms, a listing outside Australia, and a Constellation-style long-dated debt structure.

Share your feedback - david@microcapclub.com
David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 – Intro
01:37 – Twenty years in
02:11 – AI as part of the ecosystem, not the whole ecosystem
05:05 – Why they won't publish the playbook
06:42 – The 30–50% of accounting work nobody ever paid for
09:41 – Leadership is the X factor, not cost cutting
12:44 – Humility as the trait that lets people keep learning
14:25 – The 204-point checklist and the "shit list" that built it
21:25 – Why professional services firms can't keep people
22:46 – Being a doctor for numbers
23:53 – What makes a partnership work: progress
27:03 – Win-win, lose-lose
28:53 – Incentives, disincentives, and personal values
30:39 – The margin call: what actually happened
39:17 – Valuation, shareholders, and why there's no buyback
42:18 – The case for staying public
43:33 – The next move: acquiring whole groups
44:26 – The US listing and a Constellation-style debenture
46:29 – The ten-year vision: Berkshire, LVMH, Constellation
51:48 – How you build a brand in a "boring" industry
53:48 – Select people who like people
55:18 – Taking the model into other professions
57:51 – Why he became an accountant