Mr. Schott, who at one time practiced law and served as a municipal judge in Daytona Beach, was a private investor and business consultant. In 1955, he founded LMS Securities Corp., which he runs in Palm Beach. He has served on various boards in the Palm Beach area, including Intracoastal Health Systems, Intracoastal Health Foundation, and Town of Palm Beach United Way. He was a life trustee of Kravis Center for the Performing Arts, on whose board of directors he served from 1995 to 2008. He was also an honorary director of Palm Beach Civic Association and served on the executive committee from 1994 to 2009. Mr. Schott received his undergraduate and law degree with honors from University of Florida. He established the first Eminent Scholar Super Chair in the Florida State University System. He was a life member of University of Florida Foundation Board, and an honorary member of University of Florida Board of Overseers for the Health Science Center.