MicroCapClub

Mark Zaret from Teraz Fund joins Sean Iddings to have a conversation with CEO Shawn Wilson of BuildDirect (TSX-V: BILD, OTC: BDCTF). This MicroCap Business Breakdowns discussion took place live on March 6th, 2025, on the MicroCapClub Community. https://microcapclub.com/join-now/BuildDirect is focused on growing its presence in the North American flooring market through the organic development and acquisition of profitable brick-and-mortar locations known as ‘Pro Centers’. By consolidating a portion of the $90+ billion North American flooring market, BuildDirect aims to establish a solid foundation for future product expansion. BILD has strong momentum under its new leadership, with CEO Shawn Wilson and CFO Kerry Biggs—both seasoned executives with the expertise to drive results. They have reduced BILD’s cost of capital by renegotiating loans, streamlined their software systems, and focused on repeat pro customers (contractors) while expanding with new locations. These changes were made without harming BILD’s capital structure and with strong backing from major shareholders—three multi-billion-dollar entities that control ~80% of the shares.With a current run rate of ~US$70M and a market cap at 0.6X sales, BILD is well-positioned to consolidate the highly fragmented flooring industry, which is dominated by small independent operators. Management’s goal is to grow from nine locations to 50+ locations using a disciplined, capital efficient, high IRR approach. Strong leadership, a tight share structure, and improving business fundamentals could set the stage for significant shareholder gains in the coming years. https://www.builddirect.comMicroCap Business Breakdowns (MCBB), powered by MicroCapClub, is a monthly program where we invite leaders of unique microcap businesses to have in depth conversations with the MicroCapClub member/investor that knows the business best. In each conversation we look to drill down into the history, business, strategy, vision, and bull/bear case. The MicroCapClub community can tune in live and ask questions. We publicize each episode 1-2 weeks after the live discussion. https://microcapclub.com Disclaimer: The purpose of this presentation is for informational and educational purposes only and should not be construed as a recommendation to purchase or sell any security. MicroCapClub is not a registered investment advisor. MicroCapClub, its partners, members, subscribers, and affiliates may or may not hold positions in one or more of the securities mentioned on this program and may trade in such securities at any time. Do your own due diligence and seek counsel from a registered investment advisor before trading in any security.

Jesse Gamble from Donville Kent Asset Management joins Adam Wilk to have a conversation with co-founder and President Desmond O’Kell of Enterprise Group (E.TO). This MicroCap Business Breakdowns discussion took place live on February 20th, 2025, on the MicroCapClub Community. https://microcapclub.com/join-now/About Enterprise Group: Enterprise Group is a leading provider of specialized equipment and services to the energy, pipeline, and infrastructure industries, is positioned for significant growth. Based in Alberta, Canada, Enterprise operates through four divisions: Evolution Power Projects, Westar Oilfield Rentals, Arctic Therm International and Hart Oil Field Rentals. With a strategic focus on natural gas-related services, the company benefits from its competitive positioning and growth opportunities in the Canadian energy sector. Enterprise Group's services are closely tied to the natural gas industry, specifically in western Canada, where the company operates. Western Canada is a key natural gas-producing region, and its industry is poised for further expansion due to the ongoing development of liquefied natural gas (LNG) facilities. With the anticipated increase in LNG exports, Canada is set to become a top-10 LNG exporter by 2028, creating a strong tailwind for Enterprise Group’s growth.Enterprise Group presents an interesting investment opportunity, underpinned by its leadership position in a growing market, a strong competitive moat through its natural gas-powered solutions, and a proven ability to execute both organic and acquisition-driven growth strategies. The anticipated forthcoming LNG boom in Canada provides a significant tailwind for the company, and its financial performance indicates that it is well-positioned to capitalize on this opportunity. https://enterprisegrp.caAbout Jess Gamble: MicroCapClub: @IRAMLinkedIn: https://www.linkedin.com/in/jesse-gamble-ba373730/?originalSubdomain=caFirm: https://donvillekent.comAbout Adam Wilk: MicroCapClub: @Greystone Capital ManagementX: https://x.com/AKWilkLinkedIn: https://www.linkedin.com/in/adam-wilk-64791a139/Firm: https://www.greystonevalue.comMicroCap Business Breakdowns (MCBB), powered by MicroCapClub, is a monthly program where we invite leaders of unique microcap businesses to have in depth conversations with the MicroCapClub member/investor that knows the business best. In each conversation we look to drill down into the history, business, strategy, vision, and bull/bear case. The MicroCapClub community can tune in live and ask questions. We publicize each episode 1-2 weeks after the live discussion. https://microcapclub.com Disclaimer: The purpose of this presentation is for informational and educational purposes only and should not be construed as a recommendation to purchase or sell any security. MicroCapClub is not a registered investment advisor. MicroCapClub, its partners, members, subscribers, and affiliates may or may not hold positions in one or more of the securities mentioned on this program and may trade in such securities at any time. Do your own due diligence and seek counsel from a registered investment advisor before trading in any security.

Sean Iddings joins full-time private investor Mark Vonderwell, to have a conversation with CEO J. T. Fitzgerald and CFO Kent Hansen of Kingsway Financial Services (KFS). This MicroCap Business Breakdowns discussion took place live on January 9th, 2024, on the MicroCapClub Community. https://microcapclub.com/join-now/ About Kingsway Financial Services: Kingsway Financial Service’s base business offering warranties for automobiles and HVAC systems generates the cash for their fledgling search funds business. Under Kingsway’s Search Xcelerator program, new business school graduates, using Kingsway’s capital leveraged with bank loans, purchase very small private companies from retiring founders and become the chief executive officers. While Kingsway owns the businesses, the “operators in residence” are compensated based highly on the acquired business performance. To date, Kingsway has had five operators-in-residence acquire six companies. Currently four more business school graduates are searching for an acquisition, with a goal to add two or three companies each year. J.T. Fitzgerald became Kingsway’s CEO in September 2018 after joining the company when the private firm that he founded to invest in search funds, Argo Investment Management, was acquired by Kingsway in 2016. According to a Stanford Business School study, search funds have historically produced a 30%+ average return, albeit mostly middling returns aided by a small percentage of extraordinary winners. Fitzgerald hopes to improve on the historical success rate by aiding young operators in residence both in acquiring and operating companies with the counsel of experienced businessmen. An advisory board formed in 2022 includes Will Thorndike, an experienced search fund investor and author of the 2012 book titled “The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success” and retired, phenomenally successful Danaher ceo Thomas Joyce. Further boosting returns, Kingsway’s search acquisitions are shielded from taxation by over $700 million in tax net-operating loss carryforwards created by their shut down casualty insurance operations. Kingsway attracts potential operators in residence by providing capital and credibility, helping with legal contracts, and sharing a successful operating framework derived from Fitzgerald’s prior experience with the Danaher Business System. https://kingsway-financial.com MicroCap Business Breakdowns (MCBB), powered by MicroCapClub, is a monthly program where we invite leaders of unique microcap businesses to have in depth conversations with the MicroCapClub member/investor that knows the business best. In each conversation we look to drill down into the history, business, strategy, vision, and bull/bear case. The MicroCapClub community can tune in live and ask questions. We publicize each episode 1-2 weeks after the live discussion. https://microcapclub.com  Disclaimer: The purpose of this presentation is for informational and educational purposes only and should not be construed as a recommendation to purchase or sell any security. MicroCapClub is not a registered investment advisor. MicroCapClub, its partners, members, subscribers, and affiliates may or may not hold positions in one or more of the securities mentioned on this program and may trade in such securities at any time. Do your own due diligence and seek counsel from a registered investment advisor before trading in any security.

Michael Melby, founder of Gate City Capital Management, shares his journey from a small Montana town to successful microcap investing. He discusses the principles of deep value investing and the significance of understanding management teams beyond just numbers. Melby emphasizes the importance of rigorous financial analysis and personal relationships with investors. He also reveals how company visits impact investment decisions and the evolving strategies his team adopts, blending qualitative and quantitative insights for long-term success.

Harris Perlman is a private full-time investor focused mainly on microcap stocks. During this conversation we talk about a wide variety of topics. Join MicroCapClub and unlock the ability to listen and participate live in these discussions. https://microcapclub.com/join-now/ About Harris Perlman: MicroCapClub: @Harris Perlman – Member since 2014 X: https://x.com/OtterMarket About MicroCapClub MicroCapClub is an exclusive forum for experienced microcap investors focused on microcap companies (sub $500m market cap) trading on United States, Canadian, European, and Australian markets. MicroCapClub was created to be a platform for experienced microcap investors to share and discuss stock ideas. Since 2011, our members have profiled 1200+ microcap companies. Investors can join our community by applying to become a member or subscribing to gain instant view only access. MicroCapClub’s mission is to foster the highest quality microcap investor Community, produce Educational content for investors, and promote better Leadership in the microcap arena. For more information: https://microcapclub.com Chapters 00:08 Disclaimer 01:03 Intro & Harris’s Background 02:00 Current Market Environment 04:45 Investing Philosophy And Strategy 13:04 Early Investment Wins 17:57 Harris’s Path to Full-Time Investing 22:34 Navigating Challenges And Stress 25:32 Investment Style And Core Portfolio 29:06 Collaboration And Networking In Investing 42:10 Typical Day 48:06 Thoughts on Managing Outside Capital 52:00 Communication Style 56:36 Learning Accounting And Competitive Analysis 59:18 Audience Q&A 01:05:40 Final Thoughts & Closing Remarks 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.

Roy Olivier, President and CEO of Research Solutions, and CFO Bill Nerth join the conversation to discuss groundbreaking advancements in scientific research. They delve into the integration of AI to simplify research workflows, highlighting the transformative effects of their product, Article Galaxy. The duo also shares strategies for customer retention and reducing churn, emphasizing the importance of enhanced onboarding processes. They outline plans for future acquisitions and growth metrics, all while navigating the dynamic landscape of scientific publishing.

Gavin O'Dowd, CEO of Haypp Group AB, a trailblazer in the nicotine pouch market, shares his insights on the industry's rapid growth. He discusses the shift from traditional products to healthier alternatives and highlights Haypp's strategic focus on organic growth and efficient logistics. The conversation delves into consumer data collection, regulatory challenges, and the innovative use of automation in warehousing. O'Dowd emphasizes the importance of direct partnerships and adaptability in navigating market disruptions and evolving consumer preferences.

In a captivating discussion, Grant Williams, an accomplished writer and speaker known for his sharp insights into global finance, shares his journey from trading to writing. He reflects on how early career experiences shape investment strategies and emphasizes the balance between luck and skill. Expect thoughts on navigating market volatility and the challenges of political discourse in investing. Grant also delves into the art of authentic conversation and the importance of community learning in finance.

In this engaging discussion, Benjamin Urban, CEO of DIRTT Environmental Solutions, shares insights into revolutionizing industrialized construction. He highlights DIRTT's innovative ICE software, which customizes high-performance spaces for Fortune 500 companies. Urban delves into the company's transformation post-COVID, focusing on efficiency and market expansion. He also discusses the integration of technology in manufacturing, enhancing profitability, and strategic growth initiatives that emphasize sustainability and adaptability.

Adam Wilk joins Aakash Vanchi Nath of P&R Investment Management Limited to have a conversation with CEO Brett Kelly and CFO Kenneth Ko of Kelly Partners Group (KPG.AX / KPGHF). This MicroCap Business Breakdowns discussion aired on September 26th on the MicroCapClub Community. https://microcapclub.com/join-now/ Kelly Partners Group provides accounting services for small and medium businesses. KPG has a buy and build strategy of acquiring accounting firms in Australia and the US and are planning to expand their playbook to new geographies. The have compounded revenues above 20% for over 15 years. Founder and CEO, Brett Kelly is key to the business and owns 49%. Brett will continue to apply the KPG acquisition and business improvement playbook to a fragmented accounting market. This should enable KPG to continue to compound capital at high rates of return for a long period of time. https://www.kellypartnersgroup.com.au/ About Aakash Vanchi Nath  MicroCapClub: @Aakash Vanchi Nath LinkedIn: https://www.linkedin.com/in/aakash-vanchi-nath-9a41788/ Firm: https://www.pr-realvalue.com About Adam Wilk Founder of Greystone Capital Management MicroCapClub: @Greystone Capital Management X: https://x.com/AKWilk LinkedIn: https://www.linkedin.com/in/adam-wilk-64791a139/ Firm Website: https://www.greystonevalue.com MicroCap Business Breakdowns (MCBB), powered by MicroCapClub, is a monthly program where we invite leaders of unique microcap businesses to have in depth conversations with the MicroCapClub member/investor that knows the business best. In each conversation we look to drill down into the history, business, strategy, vision, and bull/bear case. The MicroCapClub community can tune in live and ask questions. We publicize each episode 1-2 weeks after the live discussion. https://microcapclub.com Disclaimer: The purpose of this presentation is for informational and educational purposes only and should not be construed as a recommendation to purchase or sell any security. MicroCapClub is not a registered investment advisor. MicroCapClub, its partners, members, subscribers, and affiliates may or may not hold positions in one or more of the securities mentioned on this program and may trade in such securities at any time. Do your own due diligence and seek counsel from a registered investment advisor before trading in any security.