After almost 20 years working on Wall Street, financier Charles Coristine resigned from his high-paying job to start his own business using his savings. Despite facing numerous challenges along the way, he found success. Now, he spends less time working than he did on Wall Street, owns a snack company with an annual revenue exceeding $100 million, and most importantly, he received an unexpected surprise.
According to a report by “CNBC Make It,” at the age of 52, Coristine had been passionate about working at Morgan Stanley. He enjoyed the rhythm of the job so much that he would wake up in the middle of the night to participate in trading sessions in Tokyo and London. However, after working on Wall Street for nearly 20 years, he began to experience burnout in 2011. He tried various remedies such as switching to a vegetarian diet, meditation, and enrolling in an MBA course but to no avail.
In November 2011, after struggling with burnout, Coristine made a risky decision. He used his savings of $250,000 plus an additional $100,000 to acquire the snack company LesserEvil. LesserEvil aimed to provide consumers with healthier popcorn and snack alternatives. At that time, the company was operating at a loss with annual revenue of less than $1 million, and Coristine had no experience in the food industry.
Facing challenges such as lack of funds and equipment and the inability to attract customers with an old brand, Coristine tackled each obstacle and revitalized the business. As the CEO and president, in 2023, he increased the annual sales revenue to $103.3 million, which included $82.9 million in net sales and got the products into major retailers and corner stores across the United States.
By the first half of 2024, the company had already achieved $62 million in net sales.
For Coristine, the success of LesserEvil was not just financial but also brought him an unexpected surprise, helping him resolve personal issues. After experiencing burnout on Wall Street and trying various remedies, he now enjoys a healthier balance between work and life.
His working hours have decreased, from around 7:45 a.m. to about 4:30 p.m., and since leaving Wall Street, he feels happier. “I feel happy, so it doesn’t feel like work,” Coristine said.
According to a report by the International Business Times (IBTimes), reflecting on the company’s journey, Coristine said, “I never imagined we would achieve what we have today. It’s been a roller coaster ride, but I wouldn’t trade it for anything.”
So, how did he achieve success?
While acquiring LesserEvil, he was simultaneously pursuing an MBA at Cornell University’s graduate school. In 2012, he earned his Master of Business Administration degree and began a new full-time job as the CEO of LesserEvil.
“I didn’t know anyone in the food industry, so I couldn’t ask them if I was crazy, but maybe that was a good thing. If I had done a lot of research and due diligence back then, I would have realized the low probability of success,” Coristine remarked.
He hired new staff, formed a new team, and worked to rebrand LesserEvil. In an office in Wilton, Connecticut, they revamped the brand and created their own production line. Coristine noted that the old brand was not attracting customers, with the company having to pay 20% of each sale revenue to the packaging partner.
Team members, Chief Operating Officer, and Chief Financial Officer Andrew Strife recalled that at one point, Coristine had nearly depleted his savings, prompting team members to raise funds from their own families and friends, as well as secure additional financing from banks. In 2012, they moved into a 5,000 square foot factory in Danbury filled with second-hand equipment bought at auctions. Strife said it was messy and required adjustments while moving forward.
The year 2014 marked a turning point for the company. Coristine’s personal nutritionist suggested using coconut oil for making popcorn healthier. Initially skeptical about whether coconut oil in snack bags would stay fresh, Coristine conducted tests by storing the coconut oil on top of the fridge in a hot area for three months. The olive oil remained fresh, and Coristine liked the unexpected buttery taste. As a result, in 2014, LesserEvil introduced a revamped product, which brought in approximately $2 million in revenue, accounting for a third of the company’s annual income.
By utilizing external financing to expand new production lines, update packaging, reshape the brand, and introduce new products, Coristine helped the company turn a profit.
Coristine stated that LesserEvil’s goal had always been to differentiate itself from competitors by using unconventional ingredients like extra-virgin coconut oil and avocado oil.