Boatmaker shifts $400M company to purpose trust with annual profits bound for philanthropy

Eddie Smith Jr., chief executive emeritus and owner of Grady-White Boats, has pledged the company’s future profits to a newly created 501(c)(4) nonprofit to support conservation, health care, and education. Inspired by Patagonia’s ownership model, Smith transferred voting shares to a purpose trust that will permanently control the Greenville, North Carolina-based company, preventing a future sale and preserving its mission, while nonvoting shares were donated to the nonprofit. The arrangement will direct tens of millions of dollars in annual profits to charitable causes. Smith declined acquisition offers of about $400 million, prioritizing Grady-White’s employee-focused culture and long-term philanthropic impact.