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Key Takeaways Eddie Smith Jr., the 83-year-old owner of Grady-White Boats, turned down a $400 million sale and instead committed the company’s future profits to charity.
Smith has kept full control of the company since buying it in 1968 and growing it into a leading producer of high-end recreational fishing boats.
Under the new structure, Smith will remain at the company as chief executive emeritus and draw an annual salary of undisclosed value.
In 1968, Eddie Smith Jr.’s path was far from guaranteed success or riches. That year, he took a gamble on a struggling boat company in Greenville, North Carolina, buying the company even though it was barely staying afloat.
Smith managed to steer the company to success, initially putting in 100-hour weeks to turn things around. Over the years, he rebuilt the business, called Grady-White Boats, into a powerhouse known for its high-end recreational fishing boats. Today, Grady-White generates hundreds of millions of dollars in annual revenue and has been profitable for 50 years.
Notably, Smith did it all on his own terms, never bringing in outside investors or taking the company public. He said in a recent interview with The New York Times that he “had a burning desire” to prove that he could do something on his own.
Now, at age 83, Smith has made his boldest decision yet. He has walked away from a potential $400 million sale and committed all of Grady-White’s future profits to charity, according to the Times.
“God has really blessed me to put me in a position to give away the vast majority of my net worth,” he said. “I don’t need a 200-foot yacht or to spend the winters in the Mediterranean. I’m really happy here in eastern North Carolina.”
His inspiration
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