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Boat Magnate Gives Away $400M Fortune
25 Jul
Summary
- Company owner pledged future profits to charity.
- He was inspired by Patagonia founder Yvon Chouinard.
- He is 83 and has no heirs to pass on his business.
Eddie Smith, the 83-year-old owner of Grady-White Boats, has made a remarkable decision to pledge all future profits from the company to charitable causes. This move means he will forgo a potential $400 million payday.
Smith, who founded the high-end recreational fishing boat manufacturer in 1968, has maintained full control of the company without outside investors. The company generates hundreds of millions in annual revenue.
He stated his inspiration came from Patagonia founder Yvon Chouinard, who similarly structured his company's future profits for charitable distribution. Smith expressed contentment with his life in eastern North Carolina, emphasizing that he does not require extravagant assets.
This act of relinquishing wealth is seen as a principled stand, occurring at a time when many wealthy individuals are not publicly joining philanthropic initiatives.
