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

Eddie Smith Jr., 83, transferred ownership of Grady-White Boats to a perpetual purpose trust and nonprofit structure, declining offers over $400 million, to direct future company profits toward philanthropy. The move was inspired by Yvon Chouinard's 2022 Patagonia model.

The trust structure is newly established; long-term execution of philanthropic goals depends on the company's future financial performance and trust governance.