From Wall Street Burnout to Popcorn Success: Charles Coristine’s Journey with LesserEvil
Charles Coristine, a former Wall Street trader, traded in the fast-paced world of finance for the world of popcorn. After nearly two decades at Morgan Stanley, he walked away from his lucrative career, battling burnout and searching for a new path. He found it in the unlikely form of LesserEvil, a struggling snack company, which he bought for $250,000 in 2011. With no prior experience in the food industry, Coristine took a leap of faith, and now, LesserEvil has blossomed into a household name, generating $103.3 million in gross sales in 2023.
Key Takeaways:
- Burnout and Reinvention: Coristine’s story exemplifies the power of reinvention, demonstrating that a successful career can be built outside of traditional paths, even in the face of immense personal and professional challenges.
- Risky Decisions: Despite a lack of experience in food, Coristine’s gut feeling and willingness to take risks proved to be the driving forces behind LesserEvil’s success.
- Scrappy Operations: Coristine and his team were resourceful and creative in their early years, using used equipment and "friends with welders" to build their production line.
- A Unique Product: Unconventional ingredients like coconut oil, coupled with innovative branding, have helped LesserEvil stand out in a crowded market.
- From Struggle to Profitability: With persistence, bold decisions, and strong branding, LesserEvil transformed from a struggling company into a profitable one, demonstrating that success can be achieved even with a “scrappy” approach.
A "Scrappy" Reinvention
Coristine’s journey began with an entrepreneurial spirit and a desire for a healthier lifestyle. Taking a gamble on LesserEvil, a company struggling with a lackluster brand and production process, he immediately implemented a series of changes to revitalize the business.
He brought together a small team, including his MBA school friend Andrew Strife, who became COO and CFO, and his wakeboard instructor, who took on the role of head of marketing. The team worked from a small office, completely overhauling LesserEvil’s branding and setting up their own production line.
The company was initially facing financial challenges, relying on funds from family and friends, and securing financing from a bank connection. In 2012, they moved into a 5,000-square-foot factory in Danbury, Connecticut, utilizing used equipment purchased at auctions. With a "scrappy" approach, they even painted the factory black and plastered a yellow "LesserEvil" logo on the side themselves.
New Branding and an Unconventional Ingredient
Breaking through the noise in the highly competitive snack market required a unique selling proposition. In 2014, Coristine’s nutritionist recommended using coconut oil to pop the popcorn, a move that set LesserEvil apart from its competitors. Despite initial skepticism, Coristine’s shelf-testing and the surprisingly buttery taste led to the creation of the Buddha Bowl, a reformulated product featuring a new laughing Buddha logo and contributing to a significant revenue bump.
This innovative approach and branding opened doors for LesserEvil, leading to a partnership with Kroger, the first major retailer to sell their products in 2015. This partnership helped fuel further expansion, leading to a move into a 20,000-square-foot factory in 2017.
The company received its first outside funding in 2018, a $3 million investment from InvestEco, a sustainable food and agriculture investment firm. This allowed LesserEvil to expand its production lines and implement another branding update, creating individual "guru" themes for each product, ranging from Homer to Thoreau.
"It Doesn’t Feel Like Work"
LesserEvil’s commitment to unique ingredients and innovative branding has driven its success. However, the company has faced challenges along the way. A Consumer Reports investigation in June 2024 found concerning lead levels in two of its Lil’ Puffs snacks, leading to an apology and a relaunch of the product using a different flour.
Despite this setback, LesserEvil continued its growth trajectory, generating $62 million in net sales during the first half of 2024. The company secured another $19 million in funding led by Aria Growth Partners, allowing it to buy out prior investors and open a new factory in New Milford, Connecticut.
Today, LesserEvil employs 280 people and the company continues to grow, with Coristine focused on expanding its range of products and solidifying the brand’s position in the market. For Coristine, the journey from Wall Street to the popcorn industry has been one of personal transformation. He finds joy in his work, and the company’s success has provided him with a sense of fulfillment he never found in finance.
Coristine’s story is a testament to the power of reinvention, risk-taking, and building a brand based on quality ingredients and a unique approach. LesserEvil’s journey demonstrates that success can come from the most unexpected places, even with a "scrappy" beginning, and that a fulfilling career can be found beyond the traditional pathways of Wall Street.
