William Scheft, one of the first local businessmen to advise on the financial potential of the then new state of Israel, died peacefully at his home in Weston Wednesday. He was 89. While serving on the executive board of the Massachusetts chapter of the Combined Jewish Philanthropies, Scheft was part of a group of young executives led by Norman Cahners to travel to Israel and investigate the business potential of the new Jewish state. During the 1950 and 60s, as president of H. Scheft Co, he was an active member of the Boston business and philanthropic community, serving as treasurer of the local chapter of the Young Presidents Organization and on the board of Beth Israel Hospital. In 1972, he became Executive Vice President of the Rix Corporation, where he worked until retiring in 1984. A graduate of Phillips Academy, Yale and the Harvard Business School, Scheft enlisted in the U.S. Navy and served on the destroyer escort USS Hill during World War II, achieving the rank of Lieutenant Commander. An accomplished racquetsman and golfer, Scheft was a two-time squash handicap champion at The University Club, and in 1969 tied the course record on the back nine at Belmont Country Club with a four-under par 32. He is survived by his wife, Gertrude “Gitty” Scheft, former President of the Francis Ouimet Scholarship Fund, six children, Thomas Winden Scheft of Raleigh, NC, Andrea Dode of Bath, Me, Sarah Margalit Reyer of Andover, Dr. Harriet Scheft of Newton, William Scheft, Jr. of New York and John Sofis Scheft of Arlington, and seven grandchildren, Daniel Heffner Scheft of Raleigh, NC, Kevin and Alisha Benchley of Cincinnati, Oh, Ella and Hagai Brandon of Newton, and Callie and Perry Sofis-Scheft of Arlington. Donations in his name can be made to Doctors Without Borders 333 7th Ave. New York, NY. 10001