Man Quits Job, Buys a Failing Company For $250,000: Earns $103 Million
Charles Coristine had a fabulous tenure at Morgan Stanley and spent two decades on Wall Street. He loved the pace of it, tracking the stock markets in the US and around the world.
Finally, like everyone else, he faced burnout and needed a break from the fast-moving financial lifestyle. To keep his mind sane, he tried multiple options, including meditation, a vegetarian diet, and enrolling in an MBA program.
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However, none of them worked, and that is when he met an old friend who ran the snack company LesserEvil. His friend revealed that his business is dwindling and plans to shut shop in a year or two. That is when Coristine thought taking over his business would be a great idea and keep him occupied.
In November 2011, he purchased LesserEvil for $250,000 and took over his friend’s failed snack business. Through luck and hard work, Coristine is now earning $103 million a year, according to documents reviewed by CNBC.
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LesserEvil is Now A Household Name in the US
The business sells a variety of snacks, including popcorn and air-popped Cheetos-like puffs and curls. The CEO explained that he did not have the time to ask around or research snacks during that time. “I didn’t know anyone in food to ask whether I was crazy or not, but that’s probably good,” said Coristine. “If I had done a lot of research and looked into it, I would have realized that the probability of success was pretty low.”
The company is also a US household name; Coristine raised it to new highs in just a decade of taking over the reins. They now operate in a 20,000-square-foot factory and plan to expand the business further.
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Coristine revealed that running the snack company does not bring work pressure as Wall Street does. “It feels joyous, so it doesn’t feel like work,” he said.