He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead

For the past 58 years, Eddie Smith Jr. has transformed Grady-White Boats from a near-bankrupt North Carolina boat manufacturer into a company generating hundreds of millions of dollars in annual revenue. He worked 100-hour weeks, gave up golf for decades, and poured his life savings into keeping the business afloat.

Now 83, Smith has decided it’s time to step away—but instead of pocketing one of the many offers “way north” of $400 million for his company, he’s donating the company’s future profits to charity.

“I just think that those of us that are fortunate enough to be in a position to help others…It’s really a gift to me to be able to do what I do,” Smith told Fortune.

Earlier this month, Smith transferred ownership of the company to a perpetual purpose trust and nonprofit structure designed to maintain independence and direct future profits toward philanthropic causes.

The move was inspired in part by Yvon Chouinard, who in 2022 transferred ownership of Patagonia to a trust and nonprofit organization to ensure his outdoor apparel company remained mission-driven while using its profits to combat climate change and protect undeveloped land.

Smith said he hopes that other entrepreneurs will consider following a similar path—or, at the very least, give a second thought toward........

© Fortune