This is the fourth installment of our interview with one of the most successful trade exchange owners in the United States. In October 2006 he sold Illinois Trade Association to Don Mardak’s IMS group. And now he’s sharing his experiences with our readers. We hope you find this series interesting and helpful in your business endeavors.


Questions: You went full time in 1984. When did you attend your first convention?

What was your first impression of the industry (from that convention)?

What stood out the most–what was/is the strongest memory of that convention? Was there a particular individual that impressed you, if so, who was it?

Schacht: I believe it was in the autumn of 1985 when I attended my first IRTA convention in St.Louis. Though I was impressed by the enthusiasm that pervaded the convention and the growth that was being experienced by my fellow exchange owners, I wasn’t too impressed with the franchisors whom seemed clearly in charge of the association.

Even though I had just entered the business, it just didn’t make sense that they were actually in favor of working with the federal government to promote legislation that would regulate our industry. I, of course, was not alone in my opinion and readily joined forces with several other independent exchanges, who were being led by Tom McDowell, to defeat their proposal.

Unable to have our voice really heard by these heavy handed franchisors, our group met a few months later in Chicago and formed the National Association of Trade Exchanges which, I believe, did hold its first convention in Denver in 1986.

That convention showed me that our group made a very positive move in forming our own association. I found an openness and a willingness to share ideas that I didn’t come close to experiencing at my first IRTA covention.

I formed many friendships with that original group that have lasted to this day. Most importantly, however, the association was a great venue for learning the business and I believe it contributed greatly to my success.

Editor’s Note: I remember Jack Schacht at the Denver Convention. He sat in the very first row and feverishly took notes and asked questions. He did it to the extent that he really stood out as someone who had a real passion to learn as much as he could, as quickly as he could.

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