For nearly six decades, Eddie Smith Jr. devoted his life to rescuing and rebuilding Grady-White Boats, a struggling North Carolina boat manufacturer that was on the verge of bankruptcy when he bought it in 1968. Working up to 100 hours a week, investing his personal savings and sacrificing much of his personal life, Smith transformed the company into one of America's leading premium boat manufacturers. Now, at the age of 83, he has made another extraordinary decision. Instead of accepting acquisition offers reportedly worth more than $400 million, Smith has transferred ownership of the company into a purpose trust and nonprofit structure that will preserve its culture while directing future profits to charitable causes.
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