He Was Offered $400 Million. He Gave the Company Away Instead.

After the death of his only heir, Grady-White Boats owner Eddie Smith turned down a nine-figure buyout and handed the North Carolina boatmaker to charity — taking a page from Patagonia.

Eddie Smith, owner of Grady-White Boats, declined a $400 million acquisition offer for the Edenton, North Carolina company.
Smith's decision followed the death of his sole heir, leaving him without a family succession plan.
He was reportedly inspired by Patagonia founder Yvon Chouinard's 2022 move to transfer ownership of that company to a charitable trust.
Grady-White, founded in 1959, is one of the most recognized names in recreational saltwater fishing boats.
The structure and recipient of the charitable transfer had not been fully detailed in early reporting as of July 25, 2026.

It was the kind of offer most business owners spend a career hoping for: $400 million, clean, for a company built over decades in a small coastal Carolina town. Eddie Smith said no.

Smith, the owner of Grady-White Boats in Edenton, North Carolina, turned down the nine-figure buyout and instead moved to give the company away to charity, according to reporting by The New York Times published July 25, 2026. The decision came after the death of his sole heir — the event that had made a sale feel, to most observers, like the obvious next chapter.

The move drew immediate comparisons to Patagonia's 2022 ownership transfer, when founder Yvon Chouinard shifted control of the outdoor apparel brand to a charitable trust rather than sell or take the company public. Smith cited that decision as a direct influence, per the Times account.

Grady-White has operated out of Edenton since 1959 and built a durable reputation in the recreational saltwater fishing market — the kind of regional manufacturer that does not generate many headlines but quietly sustains a workforce and a local economy across generations. A $400 million valuation puts it in a tier most family-owned boat brands never reach.

The full structure of Smith's charitable transfer — which organization receives ownership, what governance looks like, and what happens to the roughly 900 employees the company is reported to employ — had not been completely detailed in early coverage. Those specifics are expected to emerge as the transition moves forward.

Grady-White's current flagship model, the Canyon 456, carries a base price north of $900,000. The company's Edenton facility remains its sole manufacturing site.