Westrec founder and CEO Michael Sachs died at his home on April 11, days away from his 78th birthday.
Sachs was admired for his energy, determination, sharp mind and business acumen. A graduate of the University of Illinois (B.S., Accounting, 1962) and Stanford University Law School, he was also a Certified Public Accountant in Illinois — the youngest ever at the time — and California.
Sachs practiced law at Kindel and Anderson, became a Partner at Agnew, Miller and Carlson, and then formed his own firm, Sachs and Phelps in 1982. He served as executive vice president and general counsel of Public Storage, Inc., from 1982 to 1990, where he helped to raise over $3 billion in equity capital.
“Michael Sachs was a pioneer in the marina industry. It was Michael’s vision, enthusiasm and passion that inspired us all every day to redefine the marina experience and to grow Westrec into the leader in the marina industry that it has become,” said Westrec president Bill Anderson in a statement.
In 1987, Sachs conceived the idea of storing boats in the same manner as people’s personal goods, and formed Westrec Financial, Inc.
Sachs was the principal architect behind the formation, development and capitalization of Westrec Marinas.
He served on the board of directors of many public and private companies during his career and was frequently sought out by acquaintances for advice on startup companies. He was always generous with his time and advice.
“For over 30 years, Michael served his Westrec family, helping the marina properties and, as importantly, marina staff, to prosper and to grow,” said Anderson. “Now an advisor, long-time Westrec supporter and colleague of Michael’s, Allan Alexander, will work with Westrec’s executive team to ensure Westrec’s future success for our employees and customers.”
Sachs is survived by his wife of over 30 years, Maureen, his sister Rosanne Ezer, nieces Debbie Ezer and Melissa Martin and grandnephews Bradley and Derek Martin.
A service was held for the immediate family only, who are requesting privacy during this time.