Boat Builder Eddie Smith Transfers Company to Trust, Pledges Future Profits to Charity
Eddie Smith, owner of Grady-White Boats in Greenville, NC, announced he will place the company into a perpetual purpose trust that will channel almost all future earnings to charitable causes.
The Greenville-based boat manufacturer’s founder said he opted against selling the business and instead created a lasting trust to manage Grady-White’s profits for philanthropy. Smith explained that the structure will keep the company operating while directing the majority of its earnings to various charities. He expressed hope that other entrepreneurs might consider similar models.
Why it matters
It illustrates a novel model for embedding long-term charitable giving into a private company's structure.
In this story
Eddie SmithGrady-White Boatsperpetual purpose trustcharitable givingcorporate philanthropyGreenvilleNorth Carolinabusiness ownerprofit donationtrust structure
