Fawn Weaver does not believe selling your company is necessary to show you didn’t fail as an entrepreneur.
As AFROTECH previously told you, Weaver is the founder and CEO of Uncle Nearest, a whiskey brand honoring the spirit of “Nearest” Green, a formerly enslaved man credited for teaching Jack Daniel how to make whiskey. The company has achieved remarkable success. It has a 458-acre distillery with the world’s longest bar (518 feet) in Shelbyville, TN, and sells its whiskey in more than 30,000 stores, bars, hotels, and restaurants. Additionally, the company surpassed a valuation of $1 billion, but if you think for a second Weaver plans on selling, think again.
She has not warmed up to venture capitalists, private equity, or institutional lending. Instead, Weaver has relied on the support of individual investors. By 2023, she raised $225 million through this route, with individual investors not owning more than 2% to 3% of the company each (employees own less than 3%). Weaver maintains control of the business with a 40% stake. However, she does intend on buying out her investors in the future…