The New York Times (David Gelles) — Eric on 'the Patagonia of Boats' and the third way for founders

David Gelles — NYT climate correspondent, author of The Man Who Broke Capitalism and Dirtbag Billionaire (on Patagonia's Yvon Chouinard) — profiles Grady-White Boats owner Eddie Smith (age 83), who is turning down ~$400M in acquisition bids and instead transferring control to a perpetual purpose trust with profits flowing to a 501(c)(4) for conservation, health care, and education. After Smith's only son died of ALS in 2021, he lost confidence any buyer would preserve the company's culture (350 employees, extensive benefits, on-site health care, company chaplain). Transition guided by Natalie Reitman-White. Eric is quoted framing the move as the third option for founders beyond selling out or letting investors take the wheel.

“For decades we have taught founders they have only two options: Sell out, or let investors slowly take the wheel. These transactions show a third way is possible: an enduring company built around a long-term mission.” — Eric Ries, quoted in The New York Times