Grady White Boats Owner Creates a Legacy Worth More Than $400 Million

I’ve spent much of my life in the marine industry, but what Eddie Smith Jr., owner of Grady White Boats in Greenville, North Carolina, has done is something very special.

Smith had offers exceeding $400 million to sell the company he spent nearly six decades building. He turned them down and instead chose to protect Grady White, its employees and its future by transferring ownership into a perpetual purpose trust and nonprofit structure.

This isn’t simply a story about a man turning down $400 million. It’s about what Eddie Smith decided was more important than $400 million.

The new structure is designed to keep Grady White operating in Greenville under its existing leadership while protecting the culture and principles that helped build the company. More importantly, the vast majority of future profits will ultimately benefit charitable causes, including education, healthcare, conservation and communities, particularly in eastern North Carolina.

Smith purchased a struggling Grady White in 1968 when he was only 26 years old. Over the next several decades, he helped transform the company into one of the most respected names in recreational boating. At 83, he certainly had every right to accept the money and enjoy the financial rewards of a lifetime of work.

But Smith chose another direction.

His son and sole heir, Chris, died from ALS in 2021. Smith had also lost his wife, Jo, following her battle with Alzheimer’s disease. With no heir to eventually take control, a decision had to be made about the future of the company.

Selling would have been the easy answer, but a sale would have placed Grady White’s future in someone else’s hands. I’ve been around business long enough to know that when ownership changes, there’s no guarantee the company won’t change with it. The name may stay on the building while the values and culture behind that name slowly disappear.

Smith found a way to protect what he had spent most of his life building while also creating something that could benefit thousands of people in the future.

He also remembered the people who helped him get there. More than 350 Grady White employees attended the meeting announcing the transition, and Smith provided special bonuses totaling millions of dollars.

That part of the story is important to me because no one builds a successful company alone. Employees, dealers and customers all become part of that success. Smith’s decision recognizes their importance while giving Grady White an opportunity to remain the company they helped build.

I’ve written thousands of stories during my years covering fishing, boating and the outdoors. Most focus on what’s happening today. This story is different because its greatest impact may come tomorrow.

Eddie Smith could have taken more than $400 million and walked away.

Instead, he chose to protect his company, reward his employees and create a legacy capable of helping others for generations.

That’s a decision I believe deserves to be remembered.

Grady White: A North Carolina Boatbuilding Legacy

1959: Glen Grady and Don White founded Grady White Boats in Greenville, North Carolina.

1968: At age 26, Eddie Smith purchased the struggling company and began nearly six decades of leadership.

1970s: Grady White expanded its fiberglass manufacturing and strengthened its reputation for quality, safety and craftsmanship.

1980s: The company expanded its offshore boats and developed the SeaV² hull design that became an important part of the Grady White brand.

1990s through today: Grady White continued expanding its boats and dealer network while maintaining its manufacturing operations in Greenville.

2026: Smith rejected acquisition offers exceeding $400 million and transferred Grady White into a structure designed to protect the company while using its future success to benefit employees, communities and charitable causes.

Eddie Smith spent nearly six decades building Grady White Boats.

What he has done now may ensure that both the company and the man who built it will never be forgotten.