From Entrepreneur to Educator: The Business of Starting a School | Chris Georgetti
Timestamps are as accurate as they can be but may be slightly off. We encourage you to listen to the full context.
Podcast Summary
In this episode of Entrepreneur DNA, Justin Colby sits down with Chris Georgetti, a specialist who helps entrepreneurs turn their expertise into real, licensed educational institutions. (01:37) Chris explains the complex process of getting schools licensed and accredited, from trade schools to medical universities, with over 200 schools launched worldwide and a perfect 100% success rate in Florida. The conversation covers the financial requirements, regulatory hurdles, and strategic considerations for creating legitimate educational institutions. (25:18) They discuss the difference between licensing and accreditation, the importance of proper zoning and facility requirements, and why putting students first is crucial for long-term success.
- Main theme: How entrepreneurs can transform their knowledge and expertise into legitimate, licensed educational institutions that create lasting impact and provide real credentials to students
Speakers
Justin Colby
Justin is a seasoned real estate investor with over 18 years of experience and nearly 3,000 deals completed, generating seven figures in active income through wholesaling and fix-and-flip operations. He has built a substantial rental property portfolio including 5 apartment buildings, 50+ single-family homes, and 1 storage facility, while also hosting The Entrepreneur DNA podcast and The Science Of Flipping podcast where he mentors thousands of aspiring investors.
Chris Georgetti
Chris Georgetti is a veteran of the education industry who helps entrepreneurs establish licensed and accredited educational institutions worldwide. Starting as a faculty member in 1997, he worked his way up through various leadership roles including campus president and VP of operations, eventually founding a consultancy that has successfully launched over 200 colleges and universities with a perfect 100% approval rate in Florida. His team includes Sam, the former executive director of Florida's Commission for Independent Education who created the regulatory framework 45 years ago.
Key Takeaways
Financial Preparation is Essential Before Starting
Chris reveals that entrepreneurs need substantial financial backing before attempting to start a licensed educational institution. (12:31) For fully online programs, a minimum of $100,000 in backing is required, while brick-and-mortar facilities can require millions - as demonstrated by Orlando College of Osteopathic Medicine's $200 million project. This upfront investment covers licensing fees, facility requirements, staffing, and operational costs during the lengthy approval process. The key insight is that this isn't a low-capital venture - serious financial preparation and backing are non-negotiable prerequisites for success.
Students Must Come First, Last, and Always
Chris emphasizes the fundamental principle he learned from his mentors: "Student comes first. Don't ever forget it. That's why you're there." (09:20) This philosophy drives both business success and personal fulfillment, as Chris describes the profound impact of watching graduates walk across the stage and seeing families celebrate achievements that often represent the first college graduate in their lineage. This student-first approach isn't just altruistic - it's practical business sense since students are the ones who keep the lights on and determine long-term institutional success.
Licensing Must Precede Accreditation
The process follows a specific sequence: first obtain state licensing, then operate for typically two years before applying for accreditation, which takes another 18-24 months to complete. (13:04) Chris explains that while accreditation provides access to federal Title IV funding, it's not mandatory for all schools - cash-pay institutions can operate successfully with just licensing. This timeline means entrepreneurs should expect 4-5 years before achieving full accreditation, requiring sustained commitment and resources throughout this extended development period.
Multi-State Operations Require Strategic Planning
For online institutions recruiting students across state lines, licensing requirements multiply exponentially. (15:31) Chris explains that if you want to recruit from 50 states, accreditors may require licensing in all 50 states, potentially turning a $100,000 investment into a $5 million commitment. This revelation highlights the importance of strategic geographic planning and understanding the true scope of compliance requirements before launching operations. Entrepreneurs must carefully consider their target market reach versus regulatory complexity and costs.
Due Diligence and Selectivity Ensure Success
Chris maintains a 100% approval rate in Florida by carefully screening potential clients and refusing those who don't meet standards. (22:50) Of 30-50 annual applicants, only 15-20 are accepted, with rigorous evaluation of funding, backing, and capability to complete the process. This selective approach protects both the consultant's reputation and increases client success rates. The lesson for entrepreneurs is that sometimes saying "no" to opportunities that don't align with your standards and capabilities is crucial for maintaining excellence and long-term success.
Statistics & Facts
- Chris and his team have worked with over 200 colleges and universities in 10 years and obtained over 500 license approvals of various types, maintaining a perfect 100% success rate in Florida. (10:10) This demonstrates the specialized expertise required and the track record that gives credibility to potential clients.
- Florida has over 900 licensed educational institutions currently operating, showing the scale of the private education market. (28:00) This context helps understand that while there are bad actors (like the 12-15 people recently investigated in the Nightingale federal raid), they represent a tiny fraction of the total institutions.
- Orlando College of Osteopathic Medicine represents a $200 million project with an $86 million building spanning 180,000 square feet, yet only accommodates 95 students per year due to regulatory restrictions. (10:45) This illustrates the massive capital investment and regulatory constraints in medical education specifically.
