The Brett Kelly Blueprint: 5 Secrets Behind Kelly Partners' Explosive FY2025 Growth And Unique 51/49 Model

Brett Kelly is not just a CEO; he is the architect of one of the most compelling growth stories on the Australian Securities Exchange (ASX) in the professional services sector. As of this current date in December 2025, Kelly Partners Group Holdings (ASX: KPG) continues to defy industry norms, recently posting another year of stellar performance that underscores the effectiveness of its unique business model. This deep dive uncovers the man, the strategy, and the latest financial results that explain why Kelly Partners is often dubbed the 'Berkshire Hathaway of Accounting Firms.'

The firm's success is rooted in a proprietary, long-term approach to capital and a revolutionary partnership structure that incentivizes entrepreneurial drive. Far from a traditional accounting practice, Kelly Partners operates as a private business specialist, using a disciplined consolidation playbook to acquire and integrate firms across Australia and increasingly, overseas, with a clear focus on enduring, profitable growth rather than short-term gains.

The Life and Career of Brett Kelly: A Brief Biography

Brett Kelly is an Australian businessman, entrepreneur, and best-selling author, best known as the Founder, Executive Chair, and Chief Executive Officer of Kelly Partners Group Holdings Limited (ASX: KPG), a network of Chartered Accountants.

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• Born: Australia
• Education: Chartered Accountant (CA) qualification.
• Early Career: Kelly began his career in the accounting field, quickly developing a vision for a new type of professional services firm—one that combined the scale of a listed entity with the entrepreneurial spirit of a local practice.
• Founding Kelly Partners: He founded Kelly+Partners Chartered Accountants in June 2006. Over the next 18 years, he grew the business from a single office into an ASX-listed, multi-country network.
• Current Role: Founder, Executive Chair, and Chief Executive Officer of Kelly Partners Group Holdings Limited.
• Author: Kelly is a prolific writer and professional speaker, having authored a series of best-selling business and investment books that form the core of his "Wisdom Box Set."
• Books Published (Wisdom Series):
  • Collective Wisdom
  • Universal Wisdom
  • Business Owners Wisdom
  • Investment Wisdom
• Strategic Vision: He is the primary architect of the company’s programmatic acquisition strategy, permanent capital structure, and the cornerstone 51/49 partnership model.

The Kelly Partners FY2025 Financial Triumphs and Global Ambitions

The financial results for Fiscal Year 2025 (FY2025) confirm that the Kelly Partners business model is not only sustainable but accelerating its growth trajectory. These latest figures demonstrate a potent combination of organic growth and successful acquisitions under the company's strategic consolidation playbook.

Key FY2025 Highlights:

• Revenue Growth: Kelly Partners delivered a year of solid growth, with total revenue for FY2025 reaching approximately $135 million. This represents a significant increase of 24.5% compared to the $108.3 million recorded in FY2024.
• Operating Margin: The company maintained a robust operating margin, demonstrating the efficiency and profitability of its integrated network.
• Free Cash Flow: Financial stability is further highlighted by a strong quarterly free cash flow, recorded at $12.39 million as of the fourth quarter of FY2025. This strong cash generation ability is crucial for funding future programmatic acquisitions.
• Global Expansion: A key element of the FY2025 strategy was the continued execution of the company's global ambitions. The firm is actively expanding its footprint, notably by entering the competitive US market, signaling a new phase of international growth beyond its Australian base in North Sydney.

The company's consistent performance, which includes delivering double-digit revenue growth and strong free cash flow, is a direct result of its unique operating philosophy. This success has led to high investor interest, with the company’s Annual General Meeting (AGM) in November 2025 being a focal point for updates on future acquisition targets and strategic direction.

The Revolutionary 51/49 Partnership Model: How KPG Maintains the 'Founder's Mentality'

The true genius behind Kelly Partners' compounding success lies in its proprietary 51/49 partnership model, a structure designed by Brett Kelly to solve the perennial problem of professional services consolidation. This model is the antithesis of a traditional acquisition where the original owners are bought out and lose their incentive.

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Understanding the 51/49 Split:

When Kelly Partners Group Holdings (KPG) acquires an accounting firm, it takes a controlling 51% equity stake in the operating business. The remaining 49% is retained by the Partner Owner Driver (POD), who is typically the founder or key principal of the acquired firm.

• Aligned Incentives: By retaining a significant 49% stake, the POD maintains a strong financial incentive to continue growing the business. They are still an owner, not just an employee, which helps preserve the critical "Founder's Mentality" and entrepreneurial drive that made the firm successful in the first place.
• Operational Control and Support: KPG's 51% stake provides the necessary control for strategic alignment, capital allocation, and the implementation of the Group's proven operational playbook. The POD is freed from administrative burdens and gains access to KPG's permanent capital, shared services, technology, and network expertise.
• Enduring Partnerships: This structure fosters enduring partnerships rather than transactional acquisitions. It ensures that the acquired firm's most valuable asset—the relationship between the principal and the clients—remains intact and highly motivated.

This model is a cornerstone of Kelly's philosophy, which values long-term compounding over a quick flip. The company focuses on acquiring accounting firms that are generating strong free cash flow, typically those with revenues greater than $5 million, and then using its debt-funded acquisition strategy to roll them into the larger, stable KPG ecosystem.

The "Berkshire-Style" Consolidation Playbook: Permanent Capital and Programmatic Acquisition

Brett Kelly has often cited the principles of Warren Buffett's Berkshire Hathaway as an inspiration, leading to the description of Kelly Partners as having a "Berkshire-style" approach to stealth growth. This is evident in two key strategic pillars: permanent capital and a disciplined consolidation playbook.

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Permanent Capital Structure: Unlike private equity firms that operate on a fixed fund cycle and must eventually sell their assets, KPG is an ASX-listed entity that uses permanent capital. This allows the company to hold its partnerships indefinitely, focusing on compounding returns over decades. This long-term horizon is essential for building trust and executing a patient, value-driven strategy.

Programmatic Acquisition Strategy: The company's growth is driven by a programmatic acquisition strategy, which involves the continuous, disciplined purchase of smaller accounting practices. This systematic approach minimizes risk and ensures that each new partnership is a strategic fit. The company is highly selective, focusing on firms that align with its culture and private business specialist niche. Acquisitions are typically funded by debt placed at the operating business level, a capital allocation strategy designed to avoid equity dilution for the holding company.

By combining this unique capital structure with the incentivizing 51/49 model, Brett Kelly has created a powerful, compounding machine that is redefining the professional services landscape. The FY2025 results are a testament to the success of this blueprint, confirming Kelly Partners Group Holdings' position as a market leader with significant runway for future domestic and international expansion.