Reporting would be best in late June of 2017.

Repotting involves removing the plant from the pot, removing ALL soil front around the roots, untangling roots and pruning problematic ones that are growing in circles or J hooked.

You can then put it back in the same pot or a new pot with fresh soil. Read up on the 5:1:1 mix here (5 parts pine bark fines, 1 part peat, 1 part perlight). My scheffera loves it.

It also looks as the plant was not getting enough light for a long time. Hense why it looks the way it does. It also is currently not getting enough light as can be seen my the yellowing leaves.

after reporting next June, I'd cut the top back a couple feet (leaving some leaves) which should force it to backbud lower on the tree and become fuller.

Id also place it outside in the summer months in an area that receives only ambient light from the sky and no direct sun. You can keep it outside as long as the nighttime temps stay generally above 55°.

as for right now, I'd throughly flush the soil a few times (add enough water so it flushes through the pot coming out the drain holes), get some dyna gro foliage pro 9-3-6 and try to get it in a spot where it gets more light.

This is a tough time of year due to lack of sunlight and the plant isn't is the great shape to be going into the winter months.

Thank you, Dave, for your extensive response. It helps me a lot! Will take your advice.

This link will help you understand container soils a little clearer.

http://forums2.gardenweb.com/discussions/2842847/container-soils-water-movement-and-retention-xxii?n

and one thing I forgot to mention, when repotting and doing root work while the plant is out of soil, mist the roots often keeping them wet. If they're exposed to air for too long they'll die.

Wow. Such helpful info. Thanks Dave!