Eddie Smith Jr. Rejects $400M Sale of Grady-White Boats, Commits Future Profits to Charity
At age 83, Eddie Smith Jr., founder and owner of Grady-White Boats, has turned down a potential $400 million acquisition offer for his company. Instead, he is restructuring the business by transferring voting shares into a purpose trust and non-voting shares to a nonprofit organization. This move ensures that future profits will be directed toward charitable causes such as conservation, healthcare, and education. Smith has led Grady-White Boats since 1968 when it was nearly bankrupt. He built the company from scratch without outside investors or an IPO, maintaining full control for over five decades while achieving consistent profitability. Inspired by Patagonia founder Yvon Chouinard’s similar transition in 2022, Smith aims to preserve his company's independence and values. Under the new structure, Grady-White will continue operating as a for-profit business but with profits funneled into its nonprofit arm each year. Smith remains involved as chief executive emeritus at an undisclosed salary.
Topics: charitable giving company ownership recreational boats