Peter John McKenzie (57) died after being tossed from a jet-boat into Foveaux Strait.
Mr McKenzie was one of three men in the boat, which was swamped near the Wairaurahiri River mouth on Saturday afternoon.
The trio swam about 1km to shore and one of the party went to raise the alarm. Mr McKenzie is thought to have died on the beach.
He was the owner of Bluff company McKenzie Marine and Mackraft, which he started with his brother Morrell in 1986.
The company manufactures and sells jet-boats nationally and internationally.
The brothers did not just design boats, they also raced them, winning a world championship tournament in 1992.
Morrell McKenzie died in 2015 after his truck went over the edge of a wharf at South Port.
Wairaurahiri Wilderness Jet owner Paul Roff told the Otago Daily Times he had known Peter since 1986.
"He and his brother built my first commercial boat and that's when our friendship started.
"He was a genuine, very honest man. A good friend.
"We ... shared a lot of stories.''
Bluff Oyster and Food Festival chairman John Edminstin said Mr McKenzie was very generous.
"He was a great fellow, as his brother was. He was very generous. When we had any struggle, he was happy to help us. He even lent us gear once when we had some issues.
"He was very well known in the community and it is heartbreaking news for everyone. My heart is with the family, that, unfortunately, is facing another tragedy.''
Mr McKenzie's family did not want to comment when contacted yesterday.
Police said they were making inquiries into the death on behalf of the coroner.
Sergeant Tod Hollebon, of Te Anau, said at the weekend the three men had left the Waitutu River and were heading about 12km around the rugged coastline to the Wairaurahiri River when their boat was swamped.
They were thrown into water about 1km west of the Wairaurahiri River mouth between 3pm and 4pm.
The youngest member battled rugged terrain to find help, while the two remaining men were whipped by strong winds of up to 20 knots and pelted with rain as they waited on the remote and rugged Fiordland coastline up to four hours for help.
