Instead of selling, business owner donates company to trust for charity (Level 1)

Eddie Smith is 83 years old. He owns Grady White Boats in Greenville, North Carolina. Last month, he announced that he would give most of the company's future profits to charity. He did not sell the company, even though someone offered him more than $400 million. Instead, he put it in a special trust. The trust will use the profits to help education, healthcare, and conservation. Mr. Smith made this choice after his son passed away from ALS. He wanted to protect the company and its workers. His employees were very happy when they heard the news. Mr. Smith also hopes his decision will inspire other business owners to think about giving. He says he feels good about his choice.