A small businessman with a big network of community relationships
Sixty-three libraries, 12 churches, five high schools, eight community groups and a couple of park districts. When Jack Schact, co-founder of My College Planning Team, wants to hold a public workshop, he has no shortage of contacts to call.
Over the last five years, his Naperville-based college consultancy has built a remarkable network of partnerships with municipal organizations across the suburban area.
"We hold about 10-15 free workshops at different venues every month," says Schact. "Most groups book us to come out several times each year."
Many financial consultants would give their eyeteeth to get in front of the public even a fraction of this time. What makes Schacht's team so popular?
Part of it is the information they freely share. Workshops feature titles like "How to Pay for College without Going Broke," "Finding the Right College and Tips on How to Pay for It" and "Behind the Curtain of the Financial Aid Process."
The free 75-minute programs are packed with useful facts and tips for college-bound students and families. Presented by skilled speakers, the workshops inevitably get high grades from attendees, while attracting a stream of new clients.
But it's more than having a hot topic. Schacht is highly disciplined in his marketing methods. One of his team member's primary responsibilities is reaching out to area groups in order to book more workshops.
"We're very strong in the western suburbs, but we're still working on the North Shore."
Schacht, a successful entrepreneur, has 40-plus years of expertise behind him. After building and selling his most recent business, The Illinois Trade Association - now IMS, the largest U.S. barter exchange - he retired.
However, one year into retirement, the now 79-year-old found himself restless and bored, so he returned to his first passion: education and career planning. At My College Planning Team, he oversees a team of financial planners and CPAs that help families develop personalized funding plans.
His partner and co-founder, Stephanie Kennedy, is his admissions coaching counterpart. A former admissions counselor with two decades of experience, the Downers Grove resident holds a Master of Science in Counseling and College Student Development. Her team helps students identify their passions and find colleges that are the best academic, social, and career fit.
Together, their 19-person consortium helps families protect their retirement funds, reduce college costs, and increase financial awards, while helping students pick the right college. They provide a wide menu of services, including financial planning, student assessment, guided college search and application assistance.
Having strong relationships with local schools, libraries and park districts gives My College Planning Team immediately credibility with residents. In return, the organizations can be confident that their members will find value in the presentations.
"When students and parents arrive for a workshop, they're typically stressed out by the prospect of choosing a school and paying tuition," says Schact.
"An hour and a half later, they leave with a sense of an excitement and the knowledge that they have options. That's invaluable - and our community partners know it."