Starting today, a two-day shoreline search would begin.
"If we haven't located Tim by then we will then re-evaluate our options," he said.
Mr Mair's son Nick said his family was very appreciative of all the search efforts so far.
Waihi fisherman Warren Coffey and friend Peter Besley, who were heading out of Anzac Bay to go fishing on Monday night, came across the overturned boat then they saw the four survivors waving for help from the island.
"They were cold and a bit shaken. They were pretty quiet," Mr Coffey said.
The sea was moderate to rough when the boat capsized, said Waihi Beach coastguard duty officer Brian Grimwood.
Mr Mair ran honey and kiwifruit businesses in the area, said a neighbour.
He was described by police Sergeant Warren Shaw as a "very experienced boatie".
There were additional lifejackets on the boat, and the situation would have been "very different" if they had all been used, he said.
- Additional reporting Bay of Plenty Times