yamaha 40 stater problem

[Philip Spiess]

1992 Yamaha C40Q This is a 40hp with electric start. Motor runs fantastic and starts easy warm or cold. Shut it off the other day in the middle of the lake for 15 minutes and when I went to re start it heard a terrible screaching-grinding sound. Removed the engine cover and looked to see if the starter was engaging the flywheel when my helper hit the key. Starter spins but does not come up to engage flywheel. Is the stater shot? Is there a fix without pulling the starter off? I pull started the motor and it ran as it should back to the house. Forward, nuteral and reverse operating fine.