In 2011, Charles Coristine made an unexpected career leap from Wall Street to the snack food industry, purchasing a struggling company, LesserEvil, for $250,000. Coristine had spent nearly two decades in high-pressure trading jobs at Morgan Stanley and was ready for a change. Despite having no background in the food industry, Coristine saw potential in the company and its name, aligning with his journey toward a healthier, more mindful lifestyle. What followed was an impressive transformation that saved the company and propelled it to significant growth.
The Impulsive Purchase
While attending a barbecue, Coristine was introduced to the previous owner of LesserEvil, a snack company specialising in healthier alternatives. At that time, the business struggled, generating less than $1 million in annual revenue and facing substantial financial losses. Despite his lack of experience in the food sector, Coristine was intrigued by the idea of a fresh start and felt connected to the company's mission of offering healthier snacks.
In November 2011, Coristine took the plunge and purchased LesserEvil for $250,000, with an additional $100,000 due later. He admitted that he decided, without conducting thorough research, that this venture could be successful. "I didn't know anyone in food to ask whether I was crazy or not, but that's probably good," Coristine reflected, noting that had he done more research, he might have realised the risk of failure was high.
A Scrappy Beginning
In the early days, Coristine juggled multiple responsibilities. He was working at TD Bank while pursuing his MBA at Cornell University. However, in 2012, after earning his degree, he dedicated himself full-time to leading LesserEvil as its CEO.
One of Coristine's first major decisions was to assemble a scrappy yet motivated team. He hired his wakeboarding instructor as the head of marketing, showing his unconventional approach to building a business. In addition, he brought on a friend from graduate school, Andrew Strife, as COO and CFO. The small team was driven by a clear mission: revitalising the LesserEvil brand.
The company faced numerous challenges in its early years. LesserEvil had been outsourcing production to co-packers, an expensive and inefficient practice. To cut costs and take control of the production process, the team moved the company to a 5,000-square-foot factory in Danbury, Connecticut, in 2012. They purchased used equipment at auctions and worked with local welders to customise machinery.
In the spirit of hands-on entrepreneurship, the team personally painted the factory and added a bright yellow "LesserEvil" sign on the exterior. Coristine recalled that passersby were so intrigued by the building's unconventional appearance that some even asked if it was a nightclub. "Everything was scrappy and needed to be reinvented as we went along," Strife said of the company's early days.
A Healthier Direction
LesserEvil's turning point came in 2014 when Coristine, inspired by his nutritionist, experimented with coconut oil in their popcorn recipes. Initially sceptical, Coristine conducted a shelf test, storing coconut oil on top of a hot fridge for three months to ensure it would stay fresh. To his surprise, the oil maintained its quality and added a buttery flavour to the popcorn.
This innovation led to the creation of the Buddha Bowl, a product that would become a cornerstone of the company's success. By the end of 2014, Buddha Bowl generated $2 million in revenue, significantly boosting the company's sales. Major retailers, including Kroger, began stocking LesserEvil products in 2015, providing a steady stream of income that funded the company's expansion to a 20,000-square-foot factory in 2017.
As part of its growth strategy, LesserEvil rebranded its packaging, adopting a laughing Buddha logo to reflect its commitment to healthier, more mindful snacking. Each product in their line featured a "guru" character, drawing inspiration from historical and cultural figures such as the Greek poet Homer and Henry David Thoreau.
Challenges and Growth
LesserEvil's rapid growth wasn't without challenges. In 2023, a Consumer Reports investigation revealed "concerning amounts of lead" in two LesserEvil's Lil' Puffs snacks for children. In response, the company quickly pulled the products from shelves and committed to reformulating the recipe to eliminate cassava flour, the ingredient found to contain lead. Despite this setback, LesserEvil maintained strong sales and continued its upward trajectory.
In the first half of 2024, LesserEvil's net sales reached $62 million, and the company secured $19 million in additional funding from Aria Growth Partners. These funds were used to buy out shares from earlier investors and build a new factory in New Milford, Connecticut, further expanding the company's production capacity.
Today, LesserEvil employs 280 people and continues to grow, with Coristine planning new products and innovations. Reflecting on the company's journey, Coristine says, "I never would have imagined where we are today. It's been a rollercoaster, but one I wouldn't trade for anything."
A Newfound Balance
For Coristine, the success of LesserEvil is more than just financial. After years of burnout on Wall Street, he now enjoys a healthier work-life balance. Instead of the intense, round-the-clock trading hours, Coristine works from 7:45 AM to 4:30 PM and finds time for meditation and mindfulness practices. "It doesn't feel like work anymore," he says. "I'm doing something I believe in, and that's made all the difference."
The transformation of LesserEvil from a failing snack company to a $100 million enterprise demonstrates the power of taking risks, thinking outside the box, and staying committed to a vision. Coristine's journey from Wall Street to the snack food aisle is a testament to the resilience and determination required to turn an idea into a thriving business.
As for the wakeboarding instructor, who became the head of marketing? He's still with the company, riding the wave of success alongside Coristine.
