Latest news with #FawnWeaver
The Independent
3 days ago
- Business
- The Independent
Popular whiskey brand hit with $100 million lawsuit for allegedly not paying back its loans
A popular whiskey brand has been slapped with a $100 million lawsuit for allegedly not paying back its loans, according to court documents. Nearest Green Distillery – a Black-owned business in Tennessee that sells Uncle Nearest premium whiskey across the nation, from anywhere between $50 to over $100 per bottle – has been accused of breaching loan agreements with their lender, according to a suit obtained by WSMV. Farm Credit Mid-America, which is based in Louisville, accuses the company's founders, Fawn Weaver and husband, Keith Weaver, of defaulting on multiple loans, refusing to hand over adequate information, failing to pay principal and interest payments, and using proceeds of a loan to purchase a $2 million Martha's Vineyard home while mortgaging the property to another lender. The Weavers were sued in federal court on July 28, according to the court documents. Farm Credit alleges a myriad of other wrongdoings and is demanding a repayment that includes accrued interest on loans amounting to $108,245,828.22. The loans company says that Nearest Green Distillery has been 'in default under the Loans since as early as January 2, 2024, and has continued to incur further defaults over the last eighteen months,' according to court documents. The most recent default came as a revolving loan was not paid in full by the time it matured at the end of last month. Furthermore, Nearest Green alleges that the lawsuit 's allegations are untrue. Weaver herself has also confronted the suit online in a social media video posted Sunday, where she said, 'Uncle Nearest is stronger than ever.' Nearest Green rose to $1 billion in valuation after its creation in 2019. Still, the lawsuit is likely to be a setback for the unicorn startup, a moniker for a startup valued at over $1 billion, which is privately owned and not listed on a stock market. Fawn Weaver, who is the face of the business, boasts nearly 300,000 followers on Instagram. In 2017, The Daily Mail spoke to her after she published her New York Times bestseller, Love & Whiskey: The Remarkable True Story of Jack Daniel, His Master Distiller Nearest Green, and the Improbable Rise of Uncle Nearest. Nearest Green holds a past that is intrinsically connected to the Jack Daniel's brand, to which Weaver is emotionally invested after writing about the two companies' history of their union in her book. In the 1800s, an unlikely friendship was formed between a young Jack Daniel and a young slave. The slave was named Nathan Green; he was known more commonly as 'Nearest.' Daniel had been orphaned at 16 and forced to work as a chore boy for a distillery owner and preacher in his hometown of Lynchburg, Tennessee, named Dan Call. Call had enslaved Green around the same period. It was during those years that Nearest became Daniel's mentor and teacher, showing him the gruelling process of charcoal mellowing, the signature of all Tennessee whiskey, which became the process for brewing the famous Jack Daniel's product. As life went on, Green went on to become one of the wealthiest and highest-regarded African American men in Tennessee. He was also the first master distiller of Jack Daniel's whiskey. Green's name, however, disappeared from the Jack Daniel's lore, even though it remained common knowledge in the small community of Lynchburg. Weaver, who spent time researching the history, made it her mission to get Green's name the recognition it deserved. She wrote her book after spending months living in Lynchburg and eventually purchased Dan Call's farm, where Daniel and Green met over 150 years ago. It was Green's legacy and Weaver's vested interest in his untold story that ultimately inspired Nearest Green.
Axios
5 days ago
- Business
- Axios
Uncle Nearest whiskey brand sued by lender
Uncle Nearest, the Tennessee whiskey brand that's enjoyed a meteoric rise since it launched a decade ago, was hit with a $108 million federal lawsuit last week from a lender that helped finance its expansion. Why it matters: The lawsuit calls into question the future of the Shelbyville-based spirits company. Zoom in: The plaintiff, a Kentucky-based agricultural lending cooperative called Farm Credit Mid-America, claims Uncle Nearest is in default on its loan agreement. Farm Credit Mid-America filed the suit in the Eastern Tennessee federal court and asked that a judge appoint a receiver to oversee Uncle Nearest's financial operations. State of play: According to the lawsuit, Uncle Nearest failed to pay back loans and lines of credit that Farm Credit Mid-America provided. The lawsuit also alleges that the distillery did not provide detailed reports about its business operations, as required by its loan agreement. Uncle Nearest executives and co-founders Fawn Weaver and her husband, Keith Weaver, are named as defendants. The other side: In a response filed this week, Uncle Nearest disputed the need for a receiver. The company called the plaintiff's lawsuit "salacious and inaccurate." Uncle Nearest attributed its financial predicament to "fraudulent activity" by a top executive, who the company has since fired. That executive was not named as a defendant. Uncle Nearest claims in its filing that it made "good faith" efforts to resolve the default, including millions of dollars in repayments last year. In a social media post, Fawn Weaver again denied the claims in the lawsuit and called on Uncle Nearest fans to rally around the company. She pointed to states like Texas and Georgia, where she says the company is enjoying growth.
Yahoo
02-07-2025
- Business
- Yahoo
Elevating Your Excellence: Fawn Weaver's Entrepreneurial Vision Forges A Legacy Beyond Whiskey
Fawn Weaver, a name now synonymous with groundbreaking enterprise and profound historical tribute, presides over Uncle Nearest Premium Whiskey. This venture has burgeoned into the fastest-growing whiskey brand in American history. Her Tennessee-based company stands as a living testament to Nearest Green, the formerly enslaved master distiller whose unparalleled expertise laid the very foundation for Jack Daniel's whiskey. Weaver's narrative, chronicled in her book Love & Whiskey: The Remarkable True Story of Jack Daniel, His Master Distiller Nearest Green, and the Improbable Rise of Uncle Nearest (2024), intertwines personal passion with a mission of historical rectification. Since 2017, Weaver, alongside her husband, Keith, has become one of Tennessee's most substantial Black landowners, commanding a vast expanse exceeding 800 acres [Source: Company Information, Uncle Nearest Official Site]. Her strategic financial philosophy deliberately eschews large-scale venture capital and private equity infusions, favoring instead a mosaic of smaller investments. This calculated approach ensures her unwavering control over the burgeoning enterprise, a distinct anomaly in the spirits industry, which colossal conglomerates often dominate. 'The only 'big guy' behind this brand is my 6'4' husband, Keith,' Weaver frequently quips, underscoring the brand's independent spirit. Before her monumental foray into whiskey, Weaver cultivated a formidable reputation as a shrewd real estate investor and achieved widespread acclaim as a USA Today and New York Times bestselling author. Her literary contributions include Happy Wives Club: One Woman's Worldwide Search for the Secrets of a Great Marriage (2014) and The Argument-Free Marriage: 28 Days to Creating the Marriage You've Always Wanted with the Spouse You Already Have (2015). Her multifaceted entrepreneurial journey spans over a quarter-century, commencing with the founding of a public relations and special events firm in 1996. Uncle Nearest Premium Whiskey's ascent has been meteoric, expanding from a single state to all 50 states and 12 countries within its initial two years. It stands as the most awarded American whiskey of 2019, 2020, and 2021, earning 'World's Best' by Whisky Magazine for two consecutive years and the coveted Double Gold by San Francisco World Spirits Competition, culminating in Wine Enthusiast's Spirit Brand of the Year for 2020. This unparalleled success has positioned Uncle Nearest as the best-selling African American-founded spirit brand of all time. Beyond commercial triumph, Weaver's vision extends to profound philanthropic endeavors. She established the Nearest Green Foundation, a 501(c)(3) nonprofit organization dedicated to providing full scholarships to every descendant of Nearest Green. During the tumultuous period of the COVID-19 pandemic, the Foundation's 'Operation Brother's Keeper' initiative supplied over 300,000 N95 and cloth masks to frontline workers and disadvantaged communities. In a significant stride for racial equity within the industry, the Foundation forged an alliance with Jack Daniel's Distillery in 2020 to create the Nearest and Jack Advancement Initiative, a concerted effort to elevate people of color within the American whiskey industry and foster greater diversity across the entire spirits sector. Weaver's influence also extends to corporate governance, as evidenced by her appointment in March 2021 to the Endeavor Group Holdings board of directors, alongside figures such as Elon Musk, where she serves on its audit committee. She is also a member of the Young Presidents Organization (YPO), a global consortium of leading young CEOs. Weaver's professional trajectory includes a six-year hiatus from entrepreneurial pursuits, during which she immersed herself in various roles within the hospitality sector, serving as head of special events and catering for Viceroy Hotels and as a General Manager for Dimension Development Co., overseeing numerous Marriott and Hilton brand hotels. This period reshaped her investment and management philosophy, instilling a 'team-first' organizational ethos where she often prioritizes her role as Chief Encouragement Officer. The self-proclaimed 'People's CEO' announced June 30 on Instagram that she launched Nightcap With Fawn. 'Y'all found this page before I even announced it! I love the energy building around @nightcapwithfawn— y'all are amazing. Episode 6 drops tomorrow night, and I'm making a bold claim: This Nightcap is the breakdown so many of you need to unlock happiness this year — no matter the chaos — and stay locked in on the success that's still yours to claim. So many are already giving up on 2025. You won't be one of them.' Born in Pasadena, California, Weaver left home at the age of 15 and dropped out of high school at 16. However, her commitment to education led her to return and complete her degree 25 years after her initial pursuit, earning a summa cum laude bachelor's degree through UA Online's New College LifeTrack program, partly influenced by the University of Alabama's football team's success. Her journey exemplifies a relentless dedication to completing endeavors once commenced. The lady boss's career is a compelling narrative of entrepreneurial brilliance interwoven with a deep-seated commitment to historical acknowledgment and community upliftment. Weaver's work with Uncle Nearest is not merely about crafting exceptional whiskey; it is about rectifying historical oversights, building generational wealth, and inspiring a new paradigm of leadership in both commerce and social justice. RELATED CONTENT:
Forbes
25-04-2025
- Business
- Forbes
How Whiskey Founder Fawn Weaver Tariff-Proofed Her Business. Plus: Stop Decision Fatigue From Sabotaging Your Career
This is this week's ForbesWomen newsletter, which every Thursday brings news about the world's top female entrepreneurs, leaders and investors straight to your inbox. Click here to get on the newsletter list! Jamel Toppin for Forbes Two weeks ago, I wrote here about some entrepreneurs who were already feeling the pinch of President Donald Trump's tariffs. Today, I want to tell you about someone who saw the writing on the wall—and who has been spending the last several quarters preparing for the market volatility that has been unfolding all month. Fawn Weaver founded Uncle Nearest Premium Whiskey to honor the formerly enslaved master distiller who taught Jack Daniel the secret to making great whiskey. She's turned the company into the most successful Black-owned liquor empire, worth $1.1 billion, and she and I recently got to talk about her strategic approach in taking capital, why she's expanding her company beyond whiskey—think vodka and cognac, the first two stops towards what Weaver envisions as a drinks conglomerate—and of course, tariffs. Weaver told me that she was listening to what Trump said on the campaign trail and even in his first term in office and planned for 2025 based on those comments. 'We should have taken [Trump] at his word: 'I am going to come in here and disrupt everything,'' Weaver said of the business community. What this meant for her business: 'From Q1 of 2024 to Q1 of 2025, we cut our expenses by 40%,' Weaver said, explaining that she also sought to ensure that the glass and cork she needed for Uncle Nearest's products were in America—and that she had access to enough to cover the next two years. She also said that when it came to forecasting Uncle Nearest's 2025 revenue, she instructed her team to take a conservative approach: 'When we forecasted for 2025, by October of last year, we had pulled out all numbers that were in relation to international sales. ALL revenue, because we didn't anticipate any would come in. So for us, if we get international revenue this year, woo hoo, it's a fun bonus.' To see my full conversation with Fawn Weaver, click through here! Cheers! JOSHUA PULLAR VIA BETTERMENT Since the longtime Viacom exec took the reins in 2020, digital investing firm Betterment's been on a buying spree, acquiring four companies over the course of five years. Then the market crashed—but Sarah Levy's approach to business strategy is the same as the advice her firm gives to customers. 'By having a balanced portfolio, you weather the storm,' she says. When expectant fathers face hostility or subtle exclusion at work, the consequences can extend beyond their own careers: A new study finds that the more workplace discrimination an expectant father perceives and experiences, the more likely the mother is to exit the workforce or switch jobs. Fewer women are adopting AI tools at work, even as generative AI products like ChatGPT are rapidly transforming how work gets done. The adoption gap may leave women behind, exacerbating the AI leadership crisis and limiting firms' ability to fully leverage GenAI's productivity potential. A $5,000 'baby bonus' is one of several proposals the White House is reportedly considering amid declining birth rates in the U.S. as it looks to incentivize Americans to have more children. (It's worth noting that this is a fraction of the $20,000 in baby-related expenses families pay, on average, during their child's first year.) Kim Ng made history in 2020 when she was named general manager of the Miami Marlins, becoming the first woman and first Asian-American GM in MLB history. Now, Ng has notched a new leadership role: she's been tapped as the first commissioner of the Athletes Unlimited Softball League. Pope Francis died earlier this week, at the age of 88. What does this have to do with ForbesWomen? As pontiff of a religion practiced by some 1.4 billion people around the world, Francis elevated more women to Vatican leadership than any of his predecessors. Whether this legacy continues with the next pope remains to be seen. As Massimo Faggioli, a professor of theology at Villanova University, told ForbesWomen editor Maggie McGrath in an interview this week, the role of women in the church is an important issue to the cardinals, but not the only factor they will consider when they go into the conclave. 1. Stop decision fatigue from sabotaging your career. From budget approvals and hiring calls to strategy pivots and culture questions, leaders are expected to make high-stakes choices day after day. But what happens when your sharp decision-making starts to slip—not from lack of skill, but from sheer mental overload? 2. Trust your intuition. Bea Dixon, cofounder and CEO of feminine care company The Honey Pot, last year secured a $380 million majority stake in her company from Compass Diversified. But as Dixon shared in this recent ForbesWomen interview, she walked away from offers that were even higher—because to take them would have felt like 'selling her soul.' 3. Ask yourself these 20 questions before beginning a job search. If you're job hunting, one of the biggest missteps you can make is jumping straight into cold applications before taking the time to reflect. Here are the 20 most important questions to ask yourself. April is Financial Literacy Month, and in these uncertain economic times, it's worth following a few key principles when it comes to estate planning. While intricacies like estate and gift taxes are typically only of concern to less than 1% of households, which of the following tips can help any family optimize how they pass on hard-earned wealth?
Miami Herald
03-04-2025
- Business
- Miami Herald
FAMU announces 2025 commencement speakers
Florida A&M University (FAMU) has announced its keynote speakers for the 2025 Spring Commencement, set for May 2-3 at the Al Lawson Multipurpose Center and Teaching Gymnasium. Fawn Weaver, founder and CEO of Uncle Nearest, Inc.; Adrienne Brown, group vice president and head of corporate business development at Eli Lilly and Company; and Bernard W. Kinsey, businessman and co-founder of the Kinsey African American Art and History Collection, will address graduates at the ceremonies. Brown will speak on Friday, May 2, at 6 p.m. ET. Kinsey will take the stage on Saturday, May 3, at 9 a.m. ET, followed by Weaver at 2 p.m. ET. "We are delighted to host three dynamic speakers who will celebrate our graduates for their individual accomplishments while challenging them collectively to always represent Florida A&M University as they step into the next chapter of their lives," said FAMU Interim President Timothy L. Beard. "Fawn Weaver, Adrienne Brown, and Bernard Kinsey are corporate and entrepreneurial powerhouses who each embody a powerful message of how tenacity and faith can help order our steps on the ladder of success and beyond." More than 1,100 students from FAMU's 14 schools and colleges will receive degrees during the ceremonies, which will be live-streamed on FAMU's Facebook page and YouTube channel (@FAMUTube1887). Weaver, a best-selling author and TED speaker, is one of only five African American women to found and lead a $1 billion company. Brown, a FAMU alumna, leads corporate strategy and business development at Eli Lilly. Kinsey, a former Xerox executive, co-founded one of the largest collections of African American art and historical documents. The Kinsey Collection has been exhibited worldwide, and the family has raised more than $36 million for charitable causes, including $11 million for FAMU. The post FAMU announces 2025 commencement speakers appeared first on HBCU Gameday. Copyright HBCU Gameday 2012-2025
