Small buisness Q&A: Jack Schacht, founder of My College Planning Team in Naperville
• An interview with Jack Schacht, founder of My College Planning Team
Q: Describe your business. What do you do?
A: We are the largest college planning team in the Chicago suburban market. We do over 100 workshops a year, primarily at libraries, to inform parents how they can leverage the financial aid system to lower their expected family contribution and garner more financial aid from the colleges which their child applies.
Q: What made you start your business?
A: I came out of retirement to help a friend building a start up college planning business. After one year, he decided to do something else and I took over the business and built it from there.
Q: What has been the most difficult obstacle in running or starting a small business?
A: in my case, it was learning about the very complex, confusing, ever changing guidelines that govern the financial aid system. It was clear from the start that there are two prices for college — one for the informed and one for the uninformed.
Q: What's new in your business or industry?
A: The most recent change we've seen is the willingness for more colleges to negotiate their financial aid packages. Much of our work is in helping families navigate the appeals process to increase their financial assistance.
Q: What do you enjoy most about operating your business?
A: I like working with our team of over 25 financial and academic experts who are all passionate about our mission to leave no stone unturned to reduce college costs for families.
Q: Is this what you pictured yourself doing when you were young? When you were young, what did you want to be when you grew up?
A: When I was five years old, I told my grandmother I wanted to be a truck driver. She insisted, however, that all of her seven grandchildren go to college. Though I started three other businesses in my career, getting into college planning was not at all what I expected to do — especially in my retirement.
Q: What keeps you up at night?
A: My work. There is rarely a break in our business.
Q: If you could give one tip to a rookie business owner, what would it be?
A: If you're not passionate about what you are doing, get out of business. On the other hand, if you love what you do, never give up.
Q: Who is your main influencer (Who's business philosophy or advice do you most admire or follow)?
A: There are two authors that had a very big influence on me — Jack Stack who wrote “The Great Game of Business” and Noel Tichey who wrote “Leadership Engine.” These are must reads for anyone wanting to build business to the highest level.
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My College Planning Team
<b>1717 N. Naper Blvd., Suite 200</b><b>Naperville, IL 60563</b><b>(630) 470-6880</b><b>mycollegeplanningteam.com</b>Industry: College planning
Founder: Jack Schacht