Billionaire In-N-Out heiress says she waited in line for 2 hours to get a job at her own store when she was just a teenager, to get rid of the “stigma of ‘be the owner’s child’ and ‘earn respect’.
Lynsi Snyder’s path to ownership of the In-N-Out burger chain is marked by family tragedy and defined by the 41-year-old’s unwavering determination to ensure she earned her place in the business by earning the respect of his peers.
Snyder took over as CEO of the West Coast chain at the age of 27 in 2010, leading the company founded by his grandparents in 1948. When Snyder’s grandfather, Harry Snyder, died in December 1976, the company was run by his sons Rich and Guy.
Rich Snyder, Lynsi’s uncle, died in a plane crash in Orange County in 1993, followed by the death of his father in 1999. At age 17, Lynsi Snyder was the last surviving relative of surviving blood from the hamburger dynasty.
But the young businesswoman never wanted to be offered any opportunities because of her last name, so she waited in line for two hours outside a new In-N-Out restaurant in Redding, Calif., to land a summer job in the chain at the age of 17.
“I think there’s a stigma that can come with being the owner’s child,” Snyder told NBC’s Today and Morning News Now in an interview published this week. “I just wanted to be respected like everyone else, do things the right way and not have special treatment.”
His first job at In-N-Out saw Snyder performing the minor tasks expected of new employees: slicing onions, preparing tomatoes and separating salad leaves. No one knew Snyder’s identity at the store except his manager, the heiress said. Côte d’Orange Magazine in 2014, ensuring she was treated the same by her colleagues as any other teenager.
In 2024, Snyder’s net worth is $6.7 billion per person. Forbesafter overseeing the opening of the chain’s 400th store and its launch in three new states: Colorado, Oregon and Texas.
But her family’s painful history never forgets the mother of four: “It’s really that family pain and tragedy that really put every leader in their place.”
As a tribute to his family, Snyder also oversaw the construction of a replica of the very first In-N-Out restaurant in Baldwin Park, California, which opened in 2014.
Early in his leadership, Snyder struggled to establish his identity within the family-owned giant that employs more than 36,000 people.
“At first I wore pantsuits, and I did it because I felt like I was supposed to,” Snyder added.
A glance at Snyder’s interviews and Instagram illustrates that the In-N-Out owner is anything but the suit-wearing board executive who separates his work and home life.
A musician and drag racing fan, Snyder oversaw the formation of In-N-Out’s “corporate band,” a rock group called .48 Special. The Snyders – all the way up to Harry – have always been avid fans of California car culture and in 2023 began a multi-year partnership with the National Hot Rod Association.
Snyder, now often pictured in heart-shaped sunglasses and plaid flannel shirts, continued: “And then I finally got confident in who I am and who I’m not. You’re going to be judged anyway, so you might as well be judged for what you are.”
The California institution has also become home to viral meme culture in recent years, thanks to celebrities grabbing a burger after award shows and events. In January, Billions Actor Paul Giamatti was photographed in a suit and bow tie at In-N-Out, with the Golden Globe he won that night nestled among his burgers and fries.
Entrepreneur Kim Kardashian and her family have also been known to hit restaurants, decked out in designer sunglasses and feathers, while the brand’s burgers have become a post-holiday Oscar staple, so much so that the Famous director Steven Spielberg started taking photos of his meal.
Pricing pressures in the fast food world
With California’s minimum wage laws increasing — and upcoming hikes in every state — many restaurants, including burger chains, are warning they may have to raise their prices to cover the cost of doing business .
This problem comes on top of other pricing pressures for consumers: widespread inflation, no planned cut to the Fed’s base interest rate and continued heat in the housing market.
Snyder said she didn’t want the Irvine, Calif.-based company to add to that burden: “I was sitting in VP meetings and saying, ‘We can’t raise prices that much, we can not “. ” because I felt such an obligation to look out for our customers.
“When everyone was doing these jumps, we weren’t doing it.”
According to a survey of The New York Post Published last week, In-N-Out’s price increases from California payroll have been smaller than others. Hamburgers, according to Jobwere up 25 cents while sodas were up five cents.
Other companies have been forced to respond to customers unimpressed by their price hikes. In February, McDonald’s CEO Chris Kempczinski pledged a focus on affordability, saying during an earnings conference call: “I think what you’re going to see as we approach 2024 is probably more attention to what I would describe as affordability.
“Eating at home has become more affordable. The battleground is certainly with this low-income consumer.
At Yum Brands, which owns KFC, Taco Bell and Pizza Hut, Chief Financial Officer Chris Turner told Reuters the company was “capable of serving customers from any part of the economic stratum,” with new customers moving from more expensive channels to Yum’s higher budget. -friendly alternatives.
This story was originally featured on Fortune.com
yahoo
