He worked 100-hour weeks for 58 years to save his company from bankruptcy. Now he's refusing a $400 million buyer — and leaving it to charity instead
‘I belonged to three golf clubs when I bought Grady-White, and I’ve never hit a golf ball since,’ Smith confesses
Most people who climb their way from rock bottom to massive wealth tend to hold tight to their fortunes, but Eddie Smith Jr. is flipping the script. Back in 1968, he sank his last dime into a dying boat company in North Carolina, logging 100-hour workweeks to build Grady-White Boats into a multi-million-dollar empire. Now, years later, after suffering from multiple tragedies, the 83-year-old was offered over $400 million to sell. But instead of retiring with the fortune, he turned down the offer, directing all profits to charities instead, as reported by Fortune on July 29, 2026.
Rescuing a sinking ship
In 1968, a 26-year-old Smith stepped away from his family's comfortable mail-order business to take a high-stakes gamble on a failing boat manufacturer in Greenville, North Carolina. Buying a near-bankrupt Grady-White Boats, he quickly realized the sheer scale of the rescue operation ahead of him. He poured his savings into the company and worked harder than ever to rebuild the operation, turning it into a luxury-boat powerhouse. "I belonged to three golf clubs when I bought Grady-White, and I've never hit a golf ball since," he recalls.
Heartbreak alters plans
Over the next six decades or so, Smith continued his hard work with the vision of ultimately building a family legacy that would carry on through future generations. Smith had always imagined his son would eventually take over the business. However, destiny had other plans. Life dealt Smith two devastating blows in quick succession. First, his wife passed away in 2021, and just a year later, his son Chris succumbed to ALS. The heartbreaking loss of his immediate family left the aging entrepreneur without a natural successor to inherit the empire he had spent a lifetime building.
Walking away from millions
As Smith entered his eighties, outside investors and private equity suitors saw an opportunity to acquire the premier brand and offered buyout packages exceeding $400 million. Selling would have made Smith hundreds of millions of dollars, but he worried new owners would cut jobs, weaken the company culture, or move operations out of North Carolina. Unwilling to sell out the 350 craftsmen who had built the business alongside him, he flatly rejected the massive payday.
A legacy beyond profit
Determined to protect his workers, Smith transferred complete ownership of Grady-White Boats into a perpetual purpose trust paired with a non-profit foundation. The unique legal structure guarantees the factory can never be sold, helping preserve local jobs and the company's long-term independence while directing future profits toward healthcare, conservation, and education. "We had people dancing in the aisles, and it's a big deal for them," he noted after he broke the news to his employees.
Honoring the family name
At 83, Smith views the unprecedented transfer as both a gift to his community and a quiet tribute to the loved ones he lost. "I know they would be absolutely thrilled. They're smiling up there," he reflected when contemplating what his late wife and son would think of the decision. By turning down $400 million to protect his people, Smith hopes to inspire other leaders to embrace philanthropy, proving that the ultimate measure of a company’s success isn't what it fetches on the market, but what it leaves behind.
Record-breaking charity
Smith's decision also reflects a broader trend in American philanthropy. According to Giving USA, charitable giving surpassed $617.2 billion in 2025, while bequests recorded the fastest growth of any source of donations, increasing nearly 20% over the previous year. The report suggests that legacy giving and charitable estate planning have become increasingly common in recent years.
A man of character
That said, the people seem to respect Smith for putting his employees over profit, as they took to comments to share their thoughts under a post by CBS Evening News (@CBSEveningNews). @judytran3514 wrote, "What a wonderful man! Leaving a legacy that keeps on giving and providing security for all his hard-working employees who made the boats." At the same time, @myronlarimer1943 commented, "That is a man who understands that building a business is not just about you. Well done, sir!"
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