Instead of selling, business owner donates company to trust for charity
Summary
Eddie Smith, owner of Grady-White Boats in North Carolina, has decided to give his company to a trust instead of selling it. This trust will use almost all the company’s future profits to support charities.Key Facts
- Eddie Smith owns Grady-White Boats in Greenville, North Carolina.
- He chose not to sell the company.
- He donated the company to a perpetual purpose trust.
- The trust will give nearly all future profits to charity.
- Smith hopes other business owners will make similar decisions.
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