- Lynsi Snyder is In-N-Out Burger's billionaire owner and president.
- She inherited control in 2017 and it remains a private, family-owned business.
- The reclusive heiress has a $6.7 billion net worth. Here's what we know about her life and empire.
Lynsi Snyder became one of the youngest billionaires in the US when she inherited complete control of iconic Southern California burger chain In-N-Out in 2017.
Snyder is the only granddaughter and heir of Harry and Esther Snyder, who founded the first tiny burger stand Baldwin Park, California, in 1948. At age 23, she became the primary beneficiary of the burger dynasty; her rise to the top of the chain at such a young age was largely the result of the deaths of her family members and internal legal drama at the company.
Since becoming president of In-N-Out in 2010, she has expanded the chain to Texas, Oregon, Idaho, and Colorado. The chain is also planning stores in Tennessee.
Snyder, who recently penned a book about the chain's history, has a $6.7 billion net worth. Here's what we know about her life and empire.
Her net worth is $6.7 billion as of April, according to Forbes.
Snyder became one of the youngest billionaires in the US when she inherited full control of In-N-Out in 2017. Despite outside pressures to go public or grow through franchising over the years, In-N-Out has remained a privately run family business since it was founded in Southern California by her grandparents, Harry and Esther Snyder, in 1948.
Snyder is a reclusive heiress. She has experienced several family tragedies that led to her gaining control of the chain at an early age. She makes public appearances on behalf of charities, but keeps a low profile with the media. Here's what we know about her life and the In-N-Out empire.
The Snyders opened the first In-N-Out in Baldwin Park, California, located East of Los Angeles, according to the company's corporate history.
The restaurant's two-way speaker drive-thru system was considered groundbreaking at the time, the Orange County Register reported in 2014.
Though you can't order a double-double or other food there, the stand does sell souvenirs.
"This is a really special spot for me," Snyder said at the time, according to the Register.
Lynsi Snyder's uncle, Rich Snyder, took over the company after Harry's death, CBS This Morning reported in 2015.
The day before the crash on approach to John Wayne Airport in Orange County, California, Rich Snyder had watched 10-year-old Lynsi perform in a pageant, KCET reported in 2016.
Today, if you look at the bottom of an In-N-Out soft-drink cup, you'll find a Bible verse.
"Back in the late '80s, Rich Snyder put that on the bottom of the cup," Mark Taylor, the former president of In-N-Out, said in the 2010 interview with California's Gold. "He started it, and we're going to keep it on there."
A devout Christian, Lynsi has added three more Bible verses to different restaurant products. She added Proverbs 24:16 to French fry containers, for example.
Around the holidays, patrons can also find Isaiah 9:6 printed on In-N-Out holiday cups.
"He had just accepted the Lord and wanted to put that little touch of his faith on our brand. It's a family business and will always be, and that's a family touch," Lynsi said about her uncle adding the Bible reference to In-N-Out's cups in a 2019 interview with the Christian Post.
The "university" operated out of store No. 1 in Baldwin Park for years until it got its own building in 1984.
Guy ran the business between 1994 and 1999.
Her father remained in charge of the company until 1999, when he died of a prescription-drug overdose. Lynsi was 17 at the time.
In a 2017 video interview, Lynsi said her father had a drug addiction and had been in and out of rehab facilities since she was 5 years old.
The divorce came after her father had had an affair, Lynsi said in the same interview.
"My world shattered," she said in the interview with non-profit multimedia company I Am Second. "After my dad died, there was no way I was going to be alone." She said she would jump from one man's arms right into the next. She has been divorced three times.
She was 18 years old at the time.
"It wasn't right," she said. "I paid the price with a divorce and jumped right into the arms of someone else." Then, she said, she started smoking pot and abusing alcohol.
She said substance use was something she had wanted to stay away from because of her father's addiction, but she found herself using them as an adult.
Snyder said had she worried she would "meet an early death" like her father. She eventually married for the second time, had two children, and later had an affair.
When the relationship broke down, "I couldn't feel like a bigger failure at that point," she said.
"The first time he cheated on me I thought, 'Well, I deserve it,'" she said. "It was terrible." She said he'd been unfaithful for four years before they divorced.
She told an audience at Azusa Pacific University that she met her soon-to-be fourth husband on the dating app Tinder.
They both say they have finally found peace through religion, she said at the time.
She she told I Am Second that she ultimately decided to spend time with God and Jesus and that faith still guides her today.
Their mission is to "enlist, train, and equip an army of love" to help anyone in need of support.
Slave 2 Nothing has the mission to free people from being enslaved to any person or substance. In 2022, Slave 2 Nothing granted a total of 101 awards totaling $2 million to nonprofits working in the states in which In-N-Out Burger operates.
She bought it from former Dodgers star Adrián Beltré, the Los Angeles Times reported.
The grounds feature an infinity pool, a guest house, a tennis court, a basketball court, and two-hole golf course, the Times reported.
In 2021, she sold the estate at a loss for $16.25 million, per the Times.
At the same time, she says she's also a thrill-seeker, BI previously reported.
"I'm a lot like my dad, a little bit of a daredevil," she told Orange Coast Magazine in 2014. "I like an adrenaline rush. My dad took me to the racetrack for the first time when I was two or three ... Anything with a motor, that was in my blood."
"I just love muscle cars," she told the National Hot Rod Association. "I love the whole sport. I think that it was kind of an escape and a hobby that was a lot of fun and a connection to my dad."
The name is a tribute to her father, who had a car named the "Flying Dutchman," she told the National Hot Rod Association.
Lynsi's collection includes a unique 1941 Willys Coupe, with about 1,000 horsepower, which used to belong to her dad, according to Jay Leno's Garage. A car like this can cost upward of $130,000.
She and her husband, Sean, play in the In-N-Out band, .48 Special, whose members are all company employees.
Her husband, meanwhile, does some vocals and plays lead guitar and harmonica.
The first was when she was 17 and still in high school. The second time she was 24 and working as a manager at In-N-Out, per Orange Coast Magazine.
"I ran across the highway," she told Orange Coast Magazine, adding that she was suspicious of her would-be kidnappers because "they had a van with boarded-up windows.
"The only reason we would do that is for the money, and I wouldn't do it," she said an interview with CBS This Morning.
Under her leadership, In-N-Out has opened stores in Texas, Oregon, Idaho, and Colorado.
The company said in January 2023 that it would expand into Tennessee. It's still working on opening the stores.
The store, near a planned office for the chain in Franklin, Tennessee, will open next year, the Tennessean reported. They will be In-N-Out's closest locations to the East Coast.
She told The Tennessean: "We came here years ago, actually East of the Smokies, but came back out to Pigeon Forge and Nashville and fell in love. There was one other state definitely interested and wanting us there, but we chose Nashville."
The California chain will "probably never" expand to the East Coast while Lynsi is running the company, she told NBC's "Today" in April 2024.
When the Tennessee location opens, In-N-Out will have a presence in more than twice as many states as it did when Snyder became president in 2010.
It was previously on the menu in the 1950s.
"I'm not sure how it fell off the menu but it's part of our culture and something special for kids, and I'm happy that we're bringing it back," Snyder told the Orange County Register.
That was when restaurants added lemonade, the Register reported.
Pink Lemonade and Cherry Coca-Cola joined the In-N-Out menu in the change, Lynsi announced on Instagram.
The company says nothing is ever frozen or microwaved, according to CBS This Morning.
"My heart is totally connected to this company because of my family, and the fact that they are not here — I have a strong tie to keep this the way they would want it," she told CBS.
"We keep it simple," she told CBS.
She was also the youngest woman in the group that year.
Her January 2023 trip to announce the Tennessee expansion marked a rare public appearance for Lynsi.
"We want to do what we do best, and that's serve some good burgers to our customers. It's not about us here — it's about this," she told CBS in 2015, pointing to the restaurant behind her.
She posts updates about her charities, her In-N-Out family, her friends, her favorite foods, and brand swag.
"The Ins-N-Outs of In-N-Out Burger" reveals "the true In-N-Out Story," from her grandparents' founding of the first store until today.
"I have waited so long to tell the true In-N-Out Story," Snyder wrote on her Instagram page ahead of the book's release.
Snyder says in her new book that one secret to In-N-Out's success is its tradition of paying above-industry-standard wages.
"Yes, we pay well," she wrote.
"I was sitting in VP meetings going toe-to-toe, saying 'We can't raise the prices that much, we can't,'" she told NBC's "Today" in April 2024. "When everyone else was taking jumps, we weren't."
The company took over the naming rights of the legendary Southern California drag strip in time to host its anniversary celebration there. The 12-hour event attracted 23,000 people, the Daily Bulletin reported.
from All Content from Business Insider https://www.businessinsider.com/what-in-n-out-lynsi-snyder-life-is-like-2018-12
via gqrds
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.