Mr. Schafer was born in Baltimore, Maryland. Mr. Schafer was a World War II veteran of the U.S. Navy. One of his earliest businesses was National Audiotronics (National), which apparently specialized in supplying long-playing stereo tapes to funeral homes. He also owned numerous businesses in the Augusta area including the Gold Mine Jewelry Store, the Custom Recording Company, Baskin - Robbins, the Pink Dipper Ice Cream Shop, and Stereo Village. Mr. Schafer was an avid golfer who won numerous championships in his younger days, and was a master chess player.

According to a government judgment, Mr. Schafer was convicted of tax evasion for the years 1970-1972, for which he was sentenced to five years in prison plus probation. His stamp collection was sold in 1974.