Like many college-bound students, Wood Kaufman had no idea what he wanted to do when he got out of high school. He selected his major for its practicality. He thought studying finance at the University of Arkansas would actually land him a real job – and it did with Bear Stearns in Dallas.
Little did he know that one day he’d be using that finance degree to help others chase their entrepreneurial dreams.
In 1997, Kaufman quit his job and moved to Oklahoma City to help his father’s business, Truckers Bookkeeping Service, which provides permitting and DOT compliance services to help trucking companies stay in business.
With customers frequently asking whether TBS offered other services, such as selling insurance, TBS began expanding its offerings. In 1998, it started providing truck insurance through TBS Insurance Agency, and in 2004, it created TBS Factoring Service, to provide simple, flexible cash flow solutions with freight bill factoring. The service advanced cash to truckers the same day they delivered a load, enabling them to continue operating without waiting the typical 30 to 60 days for payment from brokers and shippers.
That service sideline has become Kaufman’s main mission. Over the past decade, TBS Factoring Service has provided more than $2 billion in funding and has a 97 percent customer service approval rating.
Realizing factoring could help companies in other industries, the TBS family has expanded to include TBS Capital Funding.
It’s a good thing Kaufman studied finance after all.