Despite alleged financial discrepancies resulting in Uncle Nearest Premium Whiskey being placed under receivership, the company’s CEO and co-founder, Fawn Weaver, stepped on the main stage at InvestFest, a financial literacy conference held at the Georgia World Congress Center, and told entrepreneurs and aspiring entrepreneurs to “stay the course” as they navigate inevitable “hurdles” on their way to success–just as she’s been doing.
As previously reported, a federal judge ruled earlier this month that the Black-owned whiskey brand be placed in receivership amid a $108 million loan dispute with lender Farm Credit, which accused the owners of Uncle Nearest of defaulting on those loans. Weaver had already assured consumers that she is “unshaken and unmoved” by the judge’s order, that any notion that she and her husband, Keith Weaver, don’t still own the company is “fake news,” and she encouraged her customers to “clear the shelves” of Uncle Nearest Premium Whiskey, because she and her husband will overcome their current circumstances.
At InvestFest, she doubled down on it all and told her audience that they should expect struggles of their own, as entrepreneurship is not for the faint of heart.
“I’m currently at my 20th hurdle that seems insurmountable to anybody else, but you can’t play it safe,” Weaver said, per UATL. “My level of success is based on risk, and you have to determine how big you want your success to be. I built a $60 million distillery that you can’t even walk around because there are so many sold-out tours.
“We’re having the best sales that we’ve ever had in the history of the company,” she continued. “I was coming into a space in which I was not necessarily being welcomed, but I was coming in like a wrecking ball. Do not get distracted, because if you focus on the hurdle itself, you will fall.”
According to the Lexington Herald-Leader, U.S. District Judge Charles E. Atchley Jr. appointed Columbia, Tenn., attorney Phillip G. Young Jr. as Uncle Nearest’s receiver at the request of Fawn and Keith, who stated that they selected Young due to his extensive experience in restructuring and bankruptcy, as well as his willingness to collaborate with the couple to preserve the brand. Atchley also ruled that the Weavers “may continue to market Uncle Nearest products and manage the Uncle Nearest brand, subject to the receiver’s supervision.”
For those who aren’t sure what it means for a company to be placed in receivership, here’s a quick run-down via the Herald-Leader:
The receiver is tasked with preserving the assets including the Nearest Green Distillery property as well as other properties. All records and books from July 2022 to present must be turned over. The receiver must produce a quarterly report, with the first report due Oct. 1.
The receiver also is authorized to commence a Chapter 11 bankruptcy, which Keith Weaver told the Herald-Leader they have been reluctant to do.
Young said in a news release last week that despite what she hopes is a temporary change in leadership, day-to-day operations at Uncle Nearest will continue uninterrupted.
“I understand that this news may raise questions, but I want to be clear that this is not a negative development for Uncle Nearest,” he said. “Uncle Nearest’s primary goal remains unchanged: To continue producing the award-winning Tennessee whiskey that customers love and expect. I look forward to continuing the company’s strong commitment to its community, its partners, and to honoring the legacy of Nearest Green.”
“My role is to serve as a neutral party, appointed by the court, to manage the company’s affairs in a way that benefits all stakeholders,” Young went on to say, explaining what he is tasked with as receiver. “I am confident that working with the dedicated team at Uncle Nearest, we will ensure a smooth transition and maintain the company’s reputation for excellence and quality.”
Welp, good luck to the Weavers and may Uncle Nearest continue to be a whiskey brand rooted in Black excellence and Black ownership. Let’s “stay the course” and give them our support, y’all!
