Source: Fortune
Summary
Eddie Smith Jr. transformed Grady-White Boats from a near-bankrupt company into a multimillion-dollar business over 58 years. At 83, he decided to step away and donate the company’s future profits to charity, inspired by Patagonia founder Yvon Chouinard. Smith transferred ownership to a perpetual purpose trust and nonprofit structure, ensuring the company’s independence and philanthropic mission. He hopes other entrepreneurs will consider following a similar path.
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The strategy enters a familiar phase.
Grady-White Boats’ CEO Eddie Smith Jr. is giving away his company’s profits to charity, a move inspired by Patagonia’s Yvon Chouinard. Smith worked 100-hour weeks to build the business and now wants to ensure its culture and mission continue. He’s transferred ownership to a trust and nonprofit, a move that’s been criticized as a tax dodge. Smith remains chief executive emeritus.
The announcement sounds familiar, but the numbers tell a different story. $400 million was not enough for Smith.
Author: Evan Null
