Eddie Smith, owner of Grady-White Boats, announced that he has gifted control of the company to a perpetual purpose trust on Monday. A nonprofit organization will be created that will grant the company’s profits to charities. The trust is now the largest in the United States since Patagonia’s in 2022 and a first in the marine industry. Smith purchased Grady-White in 1968 at the age of 26, growing the company from near bankruptcy to an industry-leading boat builder. He contemplated the company’s future two years ago and received offers to sell it for more than $400 million, but turned it down. He wasn’t sure that any buyer would embrace the company’s way of operating under his long-held values and principles that include profit sharing with employees, commitment to high-quality products, exceptional customer satisfaction, and community support. “It’s a core belief of mine that if you’re successful, you really should share that success with your people, who helped you be successful,” Smith said. “I had to try to figure out how we transition to the future and take care of our team while retaining the soul of this business.” Smith is gifting control and ownership of the company to the Grady-White Boats Perpetual Purpose Trust and a not-yet-named 501(c)(4) nonprofit organization. The nonprofit plans to donate to education, healthcare, conservation, and the community. The company’s announcement predicts the donations to likely be tens of millions of dollars annually. “The purpose trust will oversee the management of the company, maintaining continuity in Greenville, N.C.; ensuring Eddie Smith’s core values and principles stay in operation; taking care of employees, customers, dealers and the community; and continuing to deliver world-class boats,” the announcement stated. “Grady-White’s executive team will remain in place to lead the company under the new structure. Smith will transition to a non-operational CEO emeritus role, serving as an advisor and brand ambassador.”