Lenard B. Tessler

Lenard Tessler was born in 1952, in Far Rockaway, New York, and was the youngest of three children. His parents were first-generation Americans and childhood sweethearts from Far Rockaway. They were married during World War II, shortly before Tessler's father was commissioned overseas as a B-17 pilot. Tessler's father's leg was permanently paralyzed when flak exploded under the cockpit of his plane, and shrapnel shot through his seat. He spent nearly a year recovering and eventually learned to walk despite his paralyzed leg. "For the first six months of my father's recovery," says Tessler, "my mother didn't know if he was alive or dead. Finally, he was transferred to Walter Reed Army Hospital in Washington, D.C., and my mother joined him there. Once he was released, my parents moved back to Far Rockaway to live with my maternal grandparents."

As a WW II veteran, Tessler's father was granted a liquor license, which he used to open a store near their home. Tessler's mother helped some in his business as a bookkeeper and assistant, but she mostly stayed home to take care of her children. "We had family meals together every night," says Tessler. "My grandfather lost everything in the Depression, and he worked in my father's store. At some point, nearly everyone in the family worked in the store."

The family later moved to Cedarhurst, New York, a suburban town on Long Island. "My older brother had undiagnosed learning disabilities," he says. "My parents changed his schools a number of times to try and get him the best education. To make him feel better, they made sure that where he went, I followed. By the time I was in ninth grade, I had attended five schools. That wasn't great for me, but I found ways to fit in wherever I went. I was a good athlete, so that gave me an immediate social group."

Tessler later learned that he also had slight learning disabilities, which he discovered when he had his own children tested. His problems weren't severe, but probably kept him from being an A student. "I was a good B student. My defense mechanism was that rather than strive to get A's and fail, I did what I had to do to get by. I discovered that my athletic abilities overcame a lot of my academic disabilities and how people perceived me. I was a good football player, so that helped."

When Tessler was 10, his father underwent the first of what would be four open-heart surgeries. After the surgery, his father could no longer use stairs, and the family moved to a garden apartment.

Tessler attended the University of Miami to be near his parents, who had relocated to Florida. He decided to increase his course load so that he could graduate in three years rather than four, and attended classes in the summer. In 1972, he graduated with a degree in accounting, and took financial responsibility for his parents and on occasion his brother and sister. "On my father's deathbed," says Tessler, "I told my father that I would take care of my siblings and all my nieces and nephews. I believed it was what I was supposed to do, so I accepted the responsibility. There were times in my life when that felt burdensome, because no one's career goes in a straight line to success. But in hindsight, I'm grateful that I have been able to have a positive impact on their lives."

After graduating, Tessler worked with the accounting firm Kalish Rubinroit & Company in New York, while earning his MBA from Fairleigh Dickinson University by taking night courses. He then expanded his accounting and tax career by working for several prominent companies, including Touche Ross & Co.; Louis Sternbach & Co.; and Wiss & Company, which later became Sperduto Spector & Company.

In 1981, Tessler co-founded the Walker Energy Company and served as its chief financial officer. In 1984, the oil industry began to decline and Tessler helped take the company public. He was subsequently exposed to financial restructuring, which inspired him to change careers. "I was excited about the changes I'd made in my career," says Tessler. "But I'm always a little insecure and anxious when I approach things. To this day, I get a knot in my stomach on Sunday night just thinking about Monday morning. But I am always excited about a challenge."

In 1987, he co-founded Levine, Tessler, Leichtman & Co., a leveraged buy-out firm, and in 1990, he founded the private equity firm TGV Partners, which later acquired Empire Kosher Poultry, Inc., the world's largest kosher poultry processor. Tessler then served as CEO and chairman of Empire Kosher Poultry, Inc.

In 2001, Tessler joined Cerberus Capital Management, L.P., as a managing director, and later became vice chairman. He spearheaded and managed many significant transactions during his tenure, to help make Cerberus one of the world's leading private investment firms.

Integrity and goodwill play key roles in Tessler's idea of success. "Your word is your bond," he says. "I tell myself we are all salesmen to some extent, but the worst thing you can do is sell yourself. You need to like the person you see in the mirror. I also think it's important to try to make the world a better place. People matter. I try to make the lives of those around me better every day. Even if I can't do that on a daily basis, I believe it's a good life goal."

Excited about his Horatio Alger Award, Tessler says, "This is a special moment in my life. I'm looking forward to having an opportunity to help young people through mentorship and scholarships so that they can be put into a place where they can be successful in their careers. My advice to them is to work hard, have passion, and don't let anyone tell them they can't be successful in whatever it is they want to achieve. And when they are successful, I hope they won't feel entitled. There are no free lunches or handouts. They should not forget those who have given them a helping hand. I believe that if you don't give back, you will regret your quality of life." He continues to advise young people to "Never take good fortune for granted. If you are fortunate enough to do well, you have a duty and obligation to help others. It humbles me to think that I may in some small way be a part of others' achieving success."

Tessler has served as co-chair of the New Leadership Group of Ben-Gurion University of the Negev, and has been heavily involved in the S.L.E. Lupus Foundation, New York-Presbyterian Hospital, and the Whitney Museum of American Art, among many other organizations.