He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead

Eddie Smith Jr driving a boat (Credit: Courtesy of Grady-White Boats)

For the past 58 years, Eddie Smith Jr. has transformed Grady-White Boats from a near-bankrupt North Carolina boat manufacturer into a company generating hundreds of millions of dollars in annual revenue. He worked 100-hour weeks, gave up golf for decades, and poured his life savings into keeping the business afloat.

Now 83, Smith has decided it’s time to step away—but instead of pocketing one of the many offers “way north” of $400 million for his company, he’s donating the company’s future profits to charity.