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The Economic Times
The Economic Times

He worked 100-hour weeks to rescue a bankrupt North Carolina boat company. Decades later, it drew $400 million-plus offers, but at 83, he did something unexpected

North Carolina Yvon Chouinard Patagonia Fortune

Eddie Smith Jr. could have sold Grady-White Boats for a fortune. After 58 years of building the North Carolina boat company, Smith received multiple acquisition offers valued “way north” of $400 million. But rather than cashing out, the 83-year-old entrepreneur decided to transfer the company into a structure designed to preserve its culture and send future profits toward charitable causes.

“I just think that those of us that are fortunate enough to be in a position to help others…It’s really a gift to me to be able to do what I do,” Smith told Fortune.

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