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Episode 18 · November 12, 2026

Rob Wood on the Job Costing Gap That Drains Contractors

A conversation with Rob Wood

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A trades business can be booked solid, running three crews, and still be one slow month away from missing payroll. Revenue hides a lot of problems. That gap between looking busy and actually keeping money is the center of this conversation between Blue Collar Smart host Hugh Hornsby and Rob Wood of Wood and Sons Accounting.

Rob grew up blue collar in the cornfields of Michigan, with a race car mechanic for a father and a dynamometer in the shed. He's a fourth-generation entrepreneur carrying a family name that turns 100 next year, and he has 15 years in accounting and tax with his own firm and offices in East Lansing, Houston, and Tampa. He spent 12 years working with doctors and dentists before deciding he'd rather help the people who build America. His read on why so many contractors stay broke while staying busy is blunt, and it starts with the books.

Rob Wood on the Job Costing Gap That Drains Contractors

When Hugh asked what the biggest challenge is for trades business owners, Rob didn't hesitate: getting organized and understanding job costing.

He sees it constantly with electricians weighing residential against commercial work. The decision gets made on gut feel, on which phone call came in last, on what the guy down the street is doing. But without job-level numbers, you're guessing. "If you don't know truly what you're losing your money on, you can't exactly make those educated decisions," Rob said.

Job costing isn't an accounting luxury. It's the only way to know which customers, which service lines, and which crews are funding the business and which ones are quietly draining it. You can grow your way straight into a bigger hole if the work you're adding loses money on every ticket.

Profit and Cash Flow Are Two Different Questions

Rob's frustration with trade school curriculum is that it teaches the craft and skips the business. The old line about working on the business instead of in it comes down to one practical skill: reading your own financials.

I've had businesses that are like, okay, we're making money, but we have no cash. The profit and loss tells you, are you making money? The balance sheet tells you where the money's going.

Add the cash flow picture and you find out whether you can sustain what you've built. Three views, three different questions. Most owners only ever glance at one of them, usually in April, usually too late to change anything.

Rob also pointed to the cash versus accrual distinction as something trades owners need to understand rather than leave entirely to a bookkeeper. On accrual basis, you recognize an expense when it's incurred, not when it clears the bank. If you don't know which method you're on, you don't really know what your numbers are telling you.

Your Business Is Not Your Piggy Bank

The pattern Rob sees most often in trades businesses heading toward a sale is personal spending run through the company. He called it treating the business like a piggy bank, and it shows up in the sale process as a line item brokers know well.

"A lot of the brokers are gonna look at a thing called the seller's discretionary expenses," Rob said. "And the seller's discretionary expenses is essentially, quote-unquote, the slush fund." Every dollar of that mess makes the business harder to value and harder to trust.

His fix is unglamorous and takes time. Pay yourself a proper salary. Use business credit cards and business accounts for business, and keep personal spending off them entirely. If you're an S corp, take a W-2, because the IRS doesn't allow an owner to live on distributions alone. And give yourself a two- to three-year runway before a sale to get clean books in place. Yes, showing more profit means paying more tax. It also means having something a buyer will actually pay for.

Hugh brought up a friend who buys HVAC companies and refuses to touch a business where the owner runs everything and the financials were never managed properly. A buyer in that spot isn't acquiring a company. He's buying himself a job.

One Note on Software

Rob mentioned a detail he learned from a young plumber client: private equity buyers in the trades typically work with ServiceTitan as the CRM, and he said deals built on ServiceTitan data convert far more easily than those built in other platforms. If an eventual private equity exit is on your five-year horizon, the system you track work in matters to the buyer.

Tax Planning Happens All Year, Not in April

The owner who drops a box of receipts on an accountant's desk in April and announces he doesn't owe any tax is, in Rob's words, someone he can't help. "You have not done any proper tax planning at all. I can't really help you. I'm not gonna do anything illegal."

Real planning, as he described it, runs from roughly October 21 through year end and involves accelerating expenses, sorting fixed costs from variable, identifying vendors you can prepay, and deciding whether a big equipment purchase is actually needed rather than bought reflexively for the deduction. He pointed to current provisions like bonus depreciation and the interest deduction on American-made vehicles as tools, not as reasons to recycle a truck every year.

He also flagged accounts receivable as a common and expensive mistake. He's seen field software and QuickBooks fall out of sync, leaving phantom receivables on the books. An extra $100,000 in AR that isn't really there can mean roughly $20,000 in tax you never owed.

The framework he gave is simple enough to post on a shop wall: Are you making money? Are you keeping some of it? Are you legally paying as little tax as possible?

Pick an Accountant You Can Tell the Truth To

Rob's advice to young tradespeople is to find a good accountant early, because bad habits are much easier to break at 25 or 30 than at 60 or 70. He described a young plumber who walked into his office scared, assuming judgment was coming. Three years in, Rob says that plumber should clear roughly three quarters of a million on the top line.

You wanna find someone, an accountant that you can mesh with, that you can have a beer with as well and just be real, because your accountant is gonna know the good, the bad and the ugly.

He added one practical screening question: make sure whoever you hire can practice in front of the IRS. Rob has clients sign Form 2848, a power of attorney, so he can handle IRS letters directly instead of leaving the owner to decode them alone.

Action Steps

  • Build job costing into your workflow so you know which jobs, crews, and service lines make money and which ones lose it.
  • Review your numbers monthly or quarterly: profit and loss for whether you're earning, balance sheet for where the money went, cash flow for whether you can sustain it.
  • Separate business and personal completely. Business cards and accounts for business only, a proper salary for yourself, and a W-2 if you're an S corp.
  • Reconcile your field software with your accounting system so phantom accounts receivable don't inflate your tax bill.
  • Meet with your accountant before year end, not in April, and discuss any major equipment or hiring decision before you sign.

Rob's own yellow pad answer when Hugh asked for it was to take five minutes to feel sorry for yourself, then remember you have 23 hours and 55 minutes left to have a better day. That same clear-eyed practicality runs through everything he said about money. Nobody fixes a cash flow problem by working more hours. You fix it by knowing your numbers well enough to make the decision before the bill arrives.

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About the guest

Rob Wood

Rob Wood, EA, is the founder of Wood & Sons Accounting & Tax in New Port Richey, Florida. An Enrolled Agent licensed by the U.S. Department of the Treasury, he represents taxpayers before the IRS and helps contractors, trades businesses, and small business owners understand their taxes, bookkeeping, and cash flow. Rob brings a practical, plainspoken approach to turning financial information into better operating decisions, from hiring and buying equipment to planning before year end. His focus is helping hardworking owners keep more of what they earn and build stronger businesses. The LinkedIn URL provided is the firm’s company page; Rob’s individual background is at https://woodandsonsaccountingandtax.com/team.

▸Read the full transcript

BCS - 18 - Rob Wood ​[00:00:00] Hugh Hornsby: [00:00:05] [00:00:10] [00:00:15] [00:00:20] [00:00:25] [00:00:30] Hello, this is Hugh Hornsby, the founder of a new podcast called Blue Collar [00:00:35] Smart. Blue Collar Smart, built different, underdog proven, and trades tested. I'm [00:00:40] thrilled to be here today with Rob Wood of Wood and Sons Accounting. But [00:00:45] before we get started, I just wanted to kind of talk to you about our [00:00:50] audience, about why we're doing this podcast. I'm excited to have Rob on here because one of the [00:00:55] things that we're doing is that we are really promoting the trades and everything [00:01:00] that's going on with the trades. The other day somebody asked me while I was in the grocery [00:01:05] store, "Hugh, what, what are you doing now?" And I said, "Well, I've started a podcast and a business, and it's [00:01:10] called Blue Collar Smart." And they asked me, "Well, why do you call it Blue Collar Smart?" I [00:01:15] went on to tell them a little bit about my story, that when I was 10 I fell and hit my [00:01:20] head, was diagnosed with epilepsy, had a learning disorder, and I had [00:01:25] a teacher that tried to send me to special needs. I realized then that I didn't [00:01:30] really fit into anybody else's box, but what I could do was to look at the world [00:01:35] from a different place. So when I call Blue Collar Smart, it's not about how you [00:01:40] dress, it's about how you think. And today we've got Rob Woods. Rob Wood of [00:01:45] Wood and Sons Accounting. Rob, you wanna tell them a little bit about yourself? Rob Wood: Yeah. First of all, thank you [00:01:50] for having me. My name is Rob with Wood and Sons Accounting. I'm originally from Michigan. I grew up [00:01:55] very blue collar in the cornfields of Michigan. My [00:02:00] dad was a race car mechanic. We had a dynamometer in our shed, so we [00:02:05] would have a lot of race cars come and go, and we'd test a lot of engines. [00:02:10] I grew up with a fourth generation entrepreneur. [00:02:15] Had the Wood and Sons name. It'll be around for 100 years next year, so I'm very proud [00:02:20] to carry that legacy. We started ... My great-grandparents had a [00:02:25] building in Williamson, Michigan, that was erected that's still in my family name I [00:02:30] call it, in accounting, I got into it because I wanted to [00:02:35] learn what was actually under the hood, no pun intended, because I've had [00:02:40] a big race, drag racing background, and I wanted to see how businesses [00:02:45] actually operate. So , I have 15 years experience in the accounting and tax [00:02:50] industry, have my own firm, and just excited to share what [00:02:55] specifically a lot of blue collar tradespeople can do to benefit [00:03:00] themselves. Hugh Hornsby: Four generations of entrepreneurs and founders and I guess you just [00:03:05] decided to lean in that direction because that, that takes a different type of mindset, don't you [00:03:10] think? Rob Wood: It really does. Originally in college it was go to college to get a good job, right? We all had [00:03:15] W-2s, and then the reality right now, the, the trades guys are the ones that are [00:03:20] actually winning these days. I've always felt like I had a higher calling, and I really wanted [00:03:25] to make a difference, so I got on my own to be able to practice in the [00:03:30] accounting and tax world, specifically with trades guys. Hugh Hornsby: You have [00:03:35] offices all over the United States, Rob. I think you shared with me you have five or six offices [00:03:40] across the United States. Rob Wood: Uh, it's, uh, working on five or six right now. We [00:03:45] have three for sure. We're working on a fourth in Los Angeles right now. We have [00:03:50] one in Houston and one in East Lansing, Michigan, and one in Tampa, Florida. Hugh Hornsby: Very [00:03:55] nice. And so you traded Michigan for Tampa. I guess that was a weather situation. Is [00:04:00] that correct? Rob Wood: Yeah, it was. I went to school at Northern Michigan [00:04:05] University in the Upper Peninsula of Michigan, and I saw three foot of snow in a day, and I [00:04:10] was done with it. So then I decided to go as far south as I [00:04:15] could. Have been homeless and Found my first job at a [00:04:20] local accounting firm in Palm Harbor, Florida Hugh Hornsby: Oh, wow. Now talk about the homeless side of it, [00:04:25] because the people that we have on here have had a tremendous amount of success, but somewhere [00:04:30] along the line, there was something that happened to them that also triggered them [00:04:35] to to move from where they were to the next step. Can you talk about that a little bit? Rob Wood: Yeah, so what [00:04:40] it was, was my mother and father told me [00:04:45] after I graduated college to get out and that there was no home for you here. [00:04:50] So I've had a survivalist type mentality and just have been [00:04:55] hustling ever since. So it hasn't been the greatest. I really wish I would have had a lot [00:05:00] of more family dynamic. My mother was quite abusive [00:05:05] verbally. So yeah, it definitely messed with me mentally. So I've had to dig deep [00:05:10] a lot and definitely summon the blue collar roots of getting your hands dirty [00:05:15] into actually making a career. Hugh Hornsby: Rob, as we talk about the [00:05:20] trades, and I know it's something you and I have had some conversation beforehand, [00:05:25] how the trades are kind of near and dear to your heart, that your blue collar [00:05:30] roots that you started with it's really something that as you [00:05:35] say, a, a calling. When you take a look at what's going on in the trades right [00:05:40] now, what is, what is your thoughts about the challenges that, that [00:05:45] everybody's looking at? Everything from the person that wants to enter the trades [00:05:50] to the person that is running a business and has been re- running it for a while. Is there [00:05:55] one or two challenges that you think they really need to look at and just really [00:06:00] identify? Rob Wood: I think the biggest challenge for most of the trades guys is to actually be, get [00:06:05] to being organized in their business and to understand specific job costing. [00:06:10] That's one of the biggest things is I've seen, especially with electricians, they [00:06:15] have the, uh ideas of am I going residential or commercial, [00:06:20] but if you don't know truly what you're losing your money on, you can't exactly [00:06:25] make those educated decisions. I think the other one for the guys going in is [00:06:30] initially trades were initially started, the [00:06:35] trades were initially considered the help, but in reality right now the trades guys are the ones that [00:06:40] actually go to, like, local trade schools, right? And then they actually are [00:06:45] ones that don't have a, a load of debt.[00:06:50] So that's the crazy part about it. Hugh Hornsby: I was just on [00:06:55] with the president of the PHCC, and that was a big conversation [00:07:00] that we had. I went to college, you went to college, and a lot of people have come out [00:07:05] of college, but people are coming out of college with incredible amounts of debt. [00:07:10] And one of the things that we're looking at now with the trade schools or the trades is that there's [00:07:15] an opportunity to earn earn to learn, I think is what they call it. Are you seeing more of [00:07:20] those type schools pop up? Rob Wood: Oh, yeah. There's a bunch of schools by me in the, [00:07:25] you know, in the St. Pete area, where it's a lot of them you can apprentice and [00:07:30] essentially go work and learn and still be able to go to school in the [00:07:35] evening. It gives you a lot more hands-on experience. Especially in the plumbers, there's a lot [00:07:40] of big plumbers around the New Port Richey area that will actually bring you in [00:07:45] sight unseen and give you a good career and give you a job that [00:07:50] everyone's gonna need. Because essentially you're not gonna call someone with [00:07:55] a degree to be able to fix your toilet. It's gonna be a plumber that knows [00:08:00] exactly how to do it. Hugh Hornsby: Are you seeing more of those schools [00:08:05] starting to talk about financial acumen? And we'll get into that because that's what you [00:08:10] do. The financial acumen of not only- Rob Wood: Go, I wish the, [00:08:15] I wish a lot of schools did. A lot of them just teach, teach you how [00:08:20] to, what, do the job, not, like, beyond the job. Essentially [00:08:25] the moniker of work on the business versus in the business. It's essentially understanding what your cash [00:08:30] flow is. You know, you look at your profit and loss. I've had businesses that are like, "Okay, [00:08:35] we're making money, but we have no cash, we have no cash flow." I think of it with the [00:08:40] profit and loss tells you, are you making money? The balance sheet tells you where the money's going. [00:08:45] So sometimes with that, that's the secret to success right there, and then you actually [00:08:50] look at the cash flow to see if you're able to sustain, too. Hugh Hornsby: The other crisis that's in the [00:08:55] industry, which is the 65 and overs or the 60 and overs that [00:09:00] have small or medium sized businesses and really haven't planned [00:09:05] on an exit strategy to go with that. Do you have some thoughts on how they can go about [00:09:10] it? And do you have a plan over with Woods and Sons, is that something that you [00:09:15] work with individual companies? Rob Wood: Yeah. So usually what it is, I've seen a lot [00:09:20] of the trades guys, they treat their business as their piggy bank. But in [00:09:25] reality, especially in a sale, you need to keep things buttoned up [00:09:30] tight because the more profit you show, yes, you're gonna pay more tax, [00:09:35] but it's about a two to three-year runway to be able to have the proper mechanisms, [00:09:40] mechanisms in place to be able to truly show and keep [00:09:45] separate what's your, what is truly business expenses and the [00:09:50] second thing is what's personal expenses. You need to keep those separate, especially in [00:09:55] about a two to three-year period Hugh Hornsby: Right. Well, if you wanna [00:10:00] sell it, right? Because- Mm-hmm. Rob Wood: Oh, yeah ... Hugh Hornsby: sam who owns HVAC [00:10:05] companies, is always saying that the last thing he wants to do is to buy a company that [00:10:10] has an owner that runs everything, and the owner wants to get out, and he hasn't really, [00:10:15] number one, managed his financials the right way, especially if he's not paying [00:10:20] taxes and he's not keeping it separate. And number one he's not looking for a job. [00:10:25] Any thoughts to what Sam says about having the business run the business? Rob Wood: Give [00:10:30] yourself a proper salary. Don't abuse anything with [00:10:35] it, you know? You need to essentially work on the business and be able to [00:10:40] actually know exactly what's going on. I think Sam is definitely right too, [00:10:45] because you need to definitely pay your tax, but it's also need to look at proper [00:10:50] tax planning techniques in order to be able to legally [00:10:55] not pay tax. It's not just changing a six to a nine. It's actually proper [00:11:00] strategy throughout the year, which is what we like to do with a lot of business owners. Hugh Hornsby: Do you have any [00:11:05] thoughts as far as with contractors that maybe are [00:11:10] five years away from maybe exiting their business, whether that's private [00:11:15] equity or Whether that's selling it to the employees or [00:11:20] whatever that next step is. You have any thoughts with those people on what they [00:11:25] really need to do and really what they need to start doing to make sure that [00:11:30] they're put in a position to exit the way they wanna exit and not necessarily just shut the [00:11:35] business down? Rob Wood: Yeah. The first thing is definitely get a handle on your books, because you should be c- talking to your [00:11:40] accountant more than once a year. You-- I do have a lot of businesses that come to me, [00:11:45] especially in April, and they're like, "Yeah, I don't owe any tax." I'm like, "No, sir. You have not [00:11:50] done any proper tax planning at all. I can't really help you. I'm not gonna do [00:11:55] anything illegal." The second thing, which I actually learned from a young plumber, is make sure you're on [00:12:00] ServiceTitan, especially if you are looking for private equity. [00:12:05] ServiceTitan gives you six to seven times more EBITDA for private [00:12:10] equity because it's a lot easier to convert versus if it's in, let's say, Housecall Pro [00:12:15] or Jobber. Hugh Hornsby: You say ServiceTitan is the one to really take a look at? Rob Wood: Yep. [00:12:20] ServiceTitan for the CRM is usually what most private equity companies are working with. Hugh Hornsby: As long as you've [00:12:25] been in the business what is it that you can share that you've learned that [00:12:30] can really help the companies that are out there to kinda move forward with their [00:12:35] business? Rob Wood: Get a grasp on your accounting function. If [00:12:40] you're just grabbing receipts, putting them in a box, handing them to your accountant and then at the end of [00:12:45] the year, that's not ideal. You need to be doing at least monthly or quarterly bookkeeping [00:12:50] functions. You need to do proper tax planning too, to es- essentially [00:12:55] forecast what's going on as well with the business. You need to make sure that if you're [00:13:00] an S corp, you need to actually be able to take a [00:13:05] W2 as well, because the IRS rules state that you [00:13:10] can't just take distributions So that's a [00:13:15] couple of the biggest nuggets right there. Definitely make sure to use [00:13:20] your business credit cards, business accounts, and don't put anything on the personal [00:13:25] account, and start to separate your business from your personal expenses. That's [00:13:30] one of the biggest red flags that get put in, especially if you're looking at an exit. [00:13:35] A lot of the brokers are gonna look at a thing called the seller's discretionary expenses, [00:13:40] and the seller's discretionary expenses is essentially, quote-unquote, "the slush [00:13:45] fund," right? That's what a lot of businesses use as far as their piggy bank, which [00:13:50] is never, it's never the most ideal thing. You just want to [00:13:55] essentially do that, focus on the actual job costing and make sure you're not losing yourself [00:14:00] in it. It's essentially, are you making money? The second thing is, are you keeping some of the [00:14:05] money? And the third thing is, are you legally paying as little tax as possible? That's where [00:14:10] tax planning comes in, and that's where having a good accountant is gonna be [00:14:15] one of the biggest partners that you have. Hugh Hornsby: Yeah, and I think one of the things you talk about that, [00:14:20] I've seen, that you've shared is that before you go out and make any big [00:14:25] expenditures really make sure that you're working with your tax accountant to figure out what [00:14:30] expenditures you're taking, whether it be equipment or people. Can you [00:14:35] expand on your thoughts about that? Rob Wood: Yeah, especially with equipment, usually the biggest thing to [00:14:40] look at is the one big beautiful bill, right? One of the best things about it was the interest [00:14:45] deduction for vehicles that are made in America. Also, there's the [00:14:50] 100% bonus depreciation as well for vehicles. It's not just to buy a [00:14:55] vehicle every year and recycle it. It's like, do you need it? That's the biggest thing. We look [00:15:00] at, especially during tax planning time, which is October 21st to the end of the year, is [00:15:05] what- Can you do to legally pay as little as [00:15:10] possible? You think about it this way, right? Is do you want to [00:15:15] use your profits to benefit yourself, to benefit the business, or do you wanna pay [00:15:20] Uncle Sam? If you wanna pay Uncle Sam, then let's do it as [00:15:25] little as legally as possible. That's usually what I look at. Hugh Hornsby: And then, and just kinda figure it [00:15:30] out whether you're investing in the business to grow or whether you're just trying to figure out [00:15:35] the best way to keep your taxes down. Is that, did I read that the right way? Rob Wood: Oh, [00:15:40] absolutely, 'cause sometimes, especially in the trades world, you're looking at what the projects that you have [00:15:45] going on too, and looking at, let's say, are you accrual basis, or [00:15:50] are you cash basis? That's one thing to look at, right? The, if it's [00:15:55] accrual basis, there's accounts payable, accounts receivable, which means that you need to [00:16:00] recognize it when the expense is incurred, not when it [00:16:05] actually hits the bank. That's where cash basis is, is when everything hits the bank. [00:16:10] So that's usually the biggest thing, especially now during this time, is to actually [00:16:15] Be looking at proper tax planning, 'cause without proper tax planning toward the end of the year... [00:16:20] Think of us, think of us like Tony Stark and Jarvis, right? We're essentially putting all the pieces [00:16:25] together in order to be able to, you know, show as [00:16:30] little as legally possible. Hugh Hornsby: As far as the tax planning itself, [00:16:35] can you share what you think really somebody needs to do, whether it's [00:16:40] with you or somebody else to... 'Cause I think you've said if they come in at the end of the [00:16:45] year and just drop a bunch of stuff on you, that's not who you really wanna deal with. You [00:16:50] really wanna be a part of their business from the very beginning. Can you talk to the audience on [00:16:55] what it is that they really need to do? Rob Wood: Biggest thing is to look at accelerating expenses. That's [00:17:00] the biggest thing I would say. You look at a lot of your normal expenses. Are they fixed or are they [00:17:05] variable? Are there any vendors that you can actually prepay expenses on as well? Because if you can [00:17:10] essentially get ahead of everything, it's a lot easier than what it could [00:17:15] be also. And usually, like, the scariest thing is me having to tell a business [00:17:20] owner, "Hey, you owe $50,000," and he's like, "Well, why didn't you tell me before?" And I say, "Hey, [00:17:25] sorry, you didn't talk to me until after the y- after the year end." The [00:17:30] biggest crucial time for businesses is to, A, start to clean up your accounts [00:17:35] receivable. I've seen a lot of businesses with accounts receivable, let's say in Housecall [00:17:40] Pro that go to QuickBooks, that they're not even synced, so that's probably one of the biggest problems.[00:17:45] Because if you have a, let's say, an extra 100,000 accounts receivable that's not actually [00:17:50] there and no one catches it, you're paying an extra, let's say, $20,000 on tax. [00:17:55] So that is not ideal. Hugh Hornsby: So making sure that your accounts [00:18:00] receivable is correct, because if it's not and there's a bunch of other money coming in that, that's [00:18:05] behind there that's where they're really gonna get hit. Rob Wood: Yeah, that's usually, like, the biggest problem, and [00:18:10] that's ... I'd never like to be the bearer of bad news. It's kind of like, what are we doing [00:18:15] as business owners to actually keep the bottom line, prepare for next year, [00:18:20] and look at the tax advantage strategies? Also, the other thing I also look [00:18:25] at too is, like, a holistic approach. You think of, like, let's say as an S corp. An S corp gives [00:18:30] you your K-1. The K-1 is the profit or loss from the business. It's not taxed at the S [00:18:35] corp level. It flows through to your personal return. And then we like to also look at the [00:18:40] 1040 and all the revenue activities from there. Are you married? Do you have kids? Do [00:18:45] you have any interest or dividend accounts? Do you have any stocks, bonds, mutual funds, or ETFs? [00:18:50] If there are, we then hope that your financial advisor would be able to do [00:18:55] some, uh, co- some, uh, uh, capital loss harvesting is [00:19:00] usually what the term is for there. So you're looking to essentially see, like you have your [00:19:05] 1040 and you have all these little spokes with it, so you're trying to make that as little as possible too [00:19:10] so that it, uh, it keeps your bottom line as little and, uh, safe as possible and [00:19:15] less scary, so. Hugh Hornsby: Is there anything that you can share with people coming into the [00:19:20] trades that you feel like could be helpful in really encouraging them, [00:19:25] them to seek out those opportunities that are there? Rob Wood: I would [00:19:30] say seek a good accountant early because it's a lot easier to break bad [00:19:35] habits early instead of be 60 or 70 and you're always used to your [00:19:40] old ways and then I have to come in and have a lot of tough conversations with individuals. So if they're [00:19:45] 25 or 30, it's a lot easier. I think my greatest success story was there was a [00:19:50] young plumber, he's now into year three. I remember him coming into my office absolutely [00:19:55] scared because I knew the other guys. And I said, "Hey, I'm not gonna say anything because you're [00:20:00] here. That's not what I do." Is you wanna find someone, an accountant that you can [00:20:05] mesh with, that you can have a beer with as well and just be real because your accountant is gonna [00:20:10] know the, the good, the bad and the ugly. Hugh Hornsby: And for those people that maybe they've [00:20:15] decided not to go to college or maybe they've decided they gotta figure out a way to pay their [00:20:20] debt and you can go and get a job for $100,000 a [00:20:25] year and start paying off that debt can you have a conversation with them [00:20:30] about the trades and about the opportunity that's in front of them [00:20:35] versus, where it maybe was 10 years ago? Rob Wood: Oh, absolutely. I think my greatest success is [00:20:40] definitely that young plumber. He's in year three. He should clear about his top line three quarters of a [00:20:45] million dollars and he's making a Hugh Hornsby: quarter million dollars a year net profit Rob Wood: So it's [00:20:50] like that's real, real money. We like to also go into the [00:20:55] metrics of it as well, just to be like, hey, everyone needs a good [00:21:00] plumber or a good electrician or a good general contractor or a good pool contractor [00:21:05] as well. And that's like one of the greatest things with it. And also [00:21:10] with the accountant, whoever you choose, make sure they can practice in front of the Internal Revenue Service. [00:21:15] What I like to do is anyone that works with me, I have them sign a [00:21:20] power of attorney, a Form 2848, because it's a lot easier for myself to [00:21:25] answer IRS letters versus them. Hugh Hornsby: We had [00:21:30] Lieutenant Colonel Robert J. Darling on last week, [00:21:35] and he came out of the Marines. And he was talking about the Marines and the [00:21:40] Navy as being pretty much a trade school and how he was [00:21:45] equating it to what's going on with HVAC, electrical, home services, plumbing [00:21:50] as almost being a trade school because after that, they [00:21:55] start taking you through the financial acumen of it all and maybe becoming an [00:22:00] entrepreneur. You have any thoughts on that? Rob Wood: Don't be afraid of being an [00:22:05] entrepreneur. Have you ever heard of the part that you're either going to pay rent to someone that risked it [00:22:10] or you're going to be the one that has people paying rent to you? [00:22:15] Think of it like Monopoly. Hugh Hornsby: And what a great place [00:22:20] in the trades right now to become a part of something that at one [00:22:25] time was probably looked down on, and now all of a sudden it's becoming a [00:22:30] go-to place. And I just wanted to say, Robin, I've got a couple more [00:22:35] questions for you, but I just wanted to say thank you because you are that [00:22:40] person that is not only doing it because you understand the [00:22:45] accounting side of it, but it is something that's near and dear to your heart, and [00:22:50] it really comes through. So I want to say thank you for that. Rob Wood: I worked [00:22:55] with doctors and dentists for the last 12 years, but I wanted to actually help people that build [00:23:00] America. And growing up in the sticks of [00:23:05] Williamston, literally around four cornfields in the middle of the woods, you definitely [00:23:10] have an appreciation of what being a part of the American dream truly is. Hugh Hornsby: And [00:23:15] you know what? Coming from a founder-based entrepreneur family, [00:23:20] you understand those people and you understand them well. [00:23:25] One of the things, Rob, when I was younger, [00:23:30] my teacher tried to send me to special needs back in the ninth grade. [00:23:35] I remember going home And talking to my mom and telling her what was going [00:23:40] on. And so She used to throw me a yellow pad and give me a [00:23:45] pencil and she said, "Okay, take 15 minutes for a pity party, and then go [00:23:50] upstairs and write down what the situation is and what you're gonna do about it, and then [00:23:55] come back and tell me what action you're gonna take." So I ask [00:24:00] everybody if you had a yellow pad moment, what would that yellow pad moment be? [00:24:05] Rob Wood: Take your five minutes and feel sorry for [00:24:10] yourself, but recognize that you have 23 hours, 55 minutes to have a [00:24:15] better day too. Hugh Hornsby: Last, I just wanted to say, a lot of times with the [00:24:20] podcast when we jump off of here or somebody jumps off of there and they listen to what you [00:24:25] have to say and they say, "Boy, I wish you would've asked this question," [00:24:30] what question would that be? Rob Wood: Why are you doing what you do? That's probably [00:24:35] the biggest thing I would say is I like to help [00:24:40] people. I don't ever do it for the money. I do it to be able to educate [00:24:45] businesses and give them sound strategic decisions. Because without [00:24:50] sound strategic decisions, we can't really do much these days. Hugh Hornsby: That is really [00:24:55] well said. Can you share with them what the best way is to get ahold of Rob [00:25:00] Wood? Rob Wood: I would say woodandsonsaccountingandtax.com [00:25:05] or on my email is [00:25:10] admin@woodandsons.net. That's [00:25:15] W-O-O-D-A-N-D-S-O-N-S.net. Or feel free to contact me at [00:25:20] 727-602-6910. And anyone that really needs the help, [00:25:25] I just love the opportunity because I believe I was on this earth to actually [00:25:30] give businesses that actual no BS approach and be the [00:25:35] accountant that the blue collar world actually needs, that isn't [00:25:40] stuffy, is actually covered in tattoos and looks like a normal person. Hugh Hornsby: The [00:25:45] conversation I had with Rob before the interview was that Rob was in a severe [00:25:50] accident just recently, and he made himself available [00:25:55] and that's just the type of person he is. The Blue Collar World and Blue [00:26:00] Collar Smart community just wanna say, Rob, thank you for being the [00:26:05] person you are. I think it's a gift for me to have met you [00:26:10] and for you to be a part of the Blue Collar community. Thank you and once again- [00:26:15] Those that wanna get ahold of Rob, please reach out to him. It will be in the show notes, and we [00:26:20] will also have, um, a newsletter that goes out that will have all that [00:26:25] information in it. Rob Wood: Yeah. Thank you. I'm just blessed to be alive. [00:26:30] That's what it is. The driver, one of my really good friends that runs my Houston location, [00:26:35] is in the hospital, Dallas Methodist, for the next three months, and I just hope [00:26:40] and pray that she's okay. Her name is Sarah Gill, and I just ask that everyone prays for her. Hugh Hornsby: [00:26:45] We will send the prayers out from the blue collar community. And once again thank [00:26:50] you for being the kind person you are and being a part of this community. Rob Wood: Hey, thank you, Hugh. [00:26:55] It's a pleasure to be here, sir ​[00:27:00] [00:27:05] [00:27:10] [00:27:15] [00:27:20] [00:27:25]

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