Podcast Summary
Determination, Passion: Determination and passion can lead to remarkable success despite challenges and adversity in starting a new business, especially in a competitive industry like whiskey.
Determination and a passion for uncovering the truth can lead to remarkable success, even in the face of adversity. Fawn Weaver's journey with Uncle Nearest Premium Whiskey began as a quest to correct a historical injustice and evolved into a thriving business worth over a billion dollars. Starting a new brand, especially in the whiskey industry, comes with significant risks and challenges, including high startup costs and competition from established players. But Weaver's unwavering commitment to her mission, which extended beyond just business, propelled her forward. She faced financial struggles, industry resistance, and even inaccurate media portrayals, but she persevered. The lesson here is that having a clear vision, an unwavering determination, and the ability to adapt to challenges can lead to remarkable success. Additionally, shining a light on overlooked stories and giving credit where it's due can be a powerful motivator.
Unexpected discoveries in Jack Daniel's history: A chance encounter at a library led to the discovery of Nearis Green's involvement in Jack Daniel's life and the purchase of the distillery property, inspiring a deep dive into the whiskey industry.
The untold story of Nearis Green, a key figure in Jack Daniel's life, comes to light in a surprising way. Green and his family were mentioned frequently throughout the book, and when the speaker decided to visit Lynchburg, Tennessee, for her 40th birthday, she discovered that the property where Jack Daniel grew up was for sale. Upon arriving at the library to research, she met a woman whose ancestor was rumored to have been involved with Jack Daniel. Through a conversation built on good intent, the woman offered to help the speaker in her research. The speaker ended up buying the property, which contained a pristine time capsule from the early distillery days. Inspired by the relatives' request to memorialize Nearis Green, the speaker began learning about starting a whiskey brand, leading her on a deep dive into the complex world of the whiskey industry. This unexpected journey showcases the importance of curiosity, the power of serendipitous encounters, and the value of preserving hidden histories.
Liquor industry distribution system: The liquor industry's complex distribution system acts as a significant barrier for new entrants, particularly for women and people of color, but focusing on national recognition and generating 'unearned media' can help level the playing field against larger competitors.
The liquor industry's complex distribution system, which was put in place to prevent the mob from controlling the business, has created a significant barrier for new entrants, particularly women and people of color. This challenge was further compounded by the fact that the second tier of distributors, who hold the power to get products onto shelves, are heavily influenced by big corporations. To overcome this obstacle, a new entrant in the industry, Rock Johnson, decided to aim for national recognition instead of focusing on regional markets. By doing so, Johnson believed he could generate "unearned media" and tell his unique story to a wider audience, potentially leveling the playing field against larger, better-funded competitors. This strategy paid off, as Johnson's brand, which had an exceptional story behind it, gained significant national attention and ultimately succeeded in the industry.
Business risks: Acknowledging and addressing potential business risks can help attract investors and gain their confidence in your ability to overcome challenges
Recognizing and addressing weaknesses and threats in a business plan is crucial for attracting investors. The founder of Uncle Nearest, Jack Daniel's first African American master distiller, shared her experience of leaning into potential threats, such as competition from Brown Foreman, and outlining her strategy to overcome them. By acknowledging risks and demonstrating a clear plan to mitigate them, she was able to secure the first investment from her husband's former employer and eventually gain the support of distributors. This approach not only showcased her confidence and resilience but also highlighted the unique selling proposition of her brand, which commemorated an underrepresented group in the spirits industry.
Counterintuitive branding approach: Going door-to-door and handling distribution personally can lead to greater control, flexibility, and success in building a brand, even during rapid growth.
Building a successful brand from the ground up often requires a counterintuitive approach, such as going door-to-door and handling distribution personally, even in the face of rapid growth. This hands-on approach allows for greater control and flexibility in the constantly changing distributor world, and can create a virtuous cycle of success through press coverage and consumer engagement. Additionally, being humble in life but not in brand promotion is essential for standing out against larger competitors. Companies like FON and Microsoft Clarity prioritize customer feedback and focus on making their tools accessible to a wide range of customers to create a loyal user base. However, even with a blitz scaling journey, challenges will arise, and it's important to attend to the fires that need the most attention while letting some burn.
Financial Pressures of Building a Spirits Brand: Starting a successful spirits brand requires significant upfront investment and ongoing financial resources, which can lead to financial pressures and a need for continued investment as the company grows and acquires new ventures.
Building a successful spirits brand, like Uncle Nearest Bourbon, requires significant upfront investment and ongoing financial resources. The founder shared her personal experience of starting with 10,000 barrels of bourbon that couldn't be sold for four years, while also needing inventory to build the brand. During this time, she and her husband lived paycheck-to-paycheck, with the only safety net being his full-time job at Sony Pictures. Despite achieving substantial revenue and valuation, she continues to feel the financial pressure as the company scales and acquires other businesses. The entrepreneurial journey doesn't get easier with success, as more money is needed to grow and acquire new ventures. The alternative, cashing out and retiring, might seem appealing, but many entrepreneurs regret this choice as they soon find themselves bored and in search of a new challenge. Ultimately, the goal for Uncle Nearest was not just to build a whiskey company but to cement its legacy alongside industry giants like Jim Beam and Johnny Walker for future generations.
Company culture and guiding principles: Adhering to excellence, persistence, and lifting others up are crucial for success during growth phases. The principle 'we pull as we climb' emphasizes the importance of not leaving others behind and contributing to the ecosystem.
Maintaining a strong company culture and adhering to guiding principles are crucial for success, especially during growth phases. The speaker emphasizes the importance of excellence, persistence, and lifting others up as they climb. They have identified 10 guiding principles and 10 hiring principles that align and are strictly adhered to during the interview process. The principle "we pull as we climb" signifies the importance of not leaving others behind and contributing to the ecosystem. This principle is applied both internally and externally, and the speaker shares an example of how they honored the descendants of the nearest green by acknowledging their legacy and gathering them at the original distillery site.
Uncle Nearest's community involvement: Uncle Nearest offers full college scholarships to those maintaining a 3.0 GPA, and founder Victor J. Morris emphasizes the importance of rest, not worrying, and seeking guidance for big decisions through faith and communication.
Uncle Nearest, the whiskey brand, has a unique approach to giving back to its community by providing full college scholarships to those who maintain a 3.0 GPA. Founder Victor J. Morris shares his personal values of rest and not worrying as crucial habits for success. Morris also mentioned his fascination with King Asa, a biblical figure known for bringing rest to his kingdom. He emphasized the importance of rest and shared his personal practice of not worrying about certain things by writing them down and forgetting about them. When faced with big decisions, Morris relies on his faith and prayer, and communicates with his husband.
Living Purposefully: Living authentically and following your purpose can lead to incredible opportunities and growth. Celebrating team accomplishments and recognizing milestones is essential.
Living authentically and following your purpose can lead to incredible opportunities and growth. Fongweaver's story of blending curiosity and rebellion into a successful brand serves as an inspiration. Chris Renner, founder of Pinnacle Companies, also emphasized the importance of living purposefully and celebrating team accomplishments. He took his team on a company trip to Mexico using travel rewards from his Capital One Business Card, which has become an annual tradition. This anecdote highlights the significance of recognizing and celebrating milestones, both personally and professionally. Additionally, the quote from the unidentified speaker about going through open doors without second-guessing can be applied to various aspects of life, encouraging individuals to embrace opportunities when they present themselves.