In-N-Out Burger owner, Lynsi Torres is the youngest female Billionaire on Earth. According to a new report from Bloomberg, the private In-N-Out Burger owner has inherited the West Coast-based company from her grandparents, Harry and Esther Snyder.
Harry Snyder died in 1976. His second son, Rich, served as executive president until he passed away in a plane crash in 1993 at the early age of 41. Torres’s father, Harry Guy Snyder, then took over and grew the chain to 140 restaurants before he died from a prescription drug overdose in 1999.
Torres’s grandmother Esther, was in control of the company until she died in 2006 at age 86. After her death, Lynsi Torres was the sole family heir, and she now controls the company through a trust that gave her half ownership when she turned 30 last year, reports The Inquisitr. When she turns 35 in 2017, Torres will inherit full ownership.
Torres, who has no college degree and little business training has transformed her grandparents’ initial, tiny drive-thru shop into an estimated $1.1 billion empire company.
That’s just an estimate though. Carl Van Fleet, In-N-Out Burger’s vice president of planning and development, said in an e-mailed statement to Bloomberg, “In-N-Out Burger is a private company and this valuation of the company is nothing more than speculation based on estimates from people with no knowledge of In-N-Out’s financials, which are and always have been private.”
In-N-Out is famous for their Double-Double cheeseburgers, fresh cut potato fries, secret menu and discreet biblical citations on its cups and food wrappers.
In-N-Out has never made any statement about the decision as to why they have the religious notations, but Rich Snyder called for them to be added in 1987. “He told me, ‘It’s just something I want to do,” company spokesperson Carl Van Fleet once told USA Today.
In-N-Out has almost 281 restaurant in five states. The closely held company had sales of about $625 million in 2012, after applying a five-year compound annual growth rate of 4.6 percent to industry trade magazine Nation’s Restaurant News’s 2011 sales estimate of $596 million. In-N-Out is valued at about $1.1 billion, according to the Bloomberg ranking.
The burgers at In N Out are really as good as everyone says they are. They’re cheap too. For the fresh taste at that price, you wouldn’t think the company would be worth so much.
If you are hoping for an In-N-Out Burger restaurant to open close to where you live, it may happen. Conrad Lyon, a Los Angeles-based senior restaurants analyst for B. Riley Caris, told Bloomberg that expansion will continue to be gradual for the In N Out Burger chain.
“I would expect slow, calculated growth,” he said. “To outsiders the company’s growth out West likely appears sluggish. However, it was management carefully leveraging its brand, real estate and distribution. As a private company-owned system, In-N-Out has the luxury of calling the shots to replicate its success without succumbing to potentially detrimental outside influences.”
Now, who is this female billionaire? In September 2012, Lynsi Torres bought a $17.4 million, 16,600-square-foot mansion in Bradbury, California, in the foothills of the San Gabriel Mountains. A Realtor.com listing for the house described it as having seven bedrooms, 16 bathrooms, a pool, a tennis court, a golf course, a gourmet kitchen and many other amenities you couldn’t imagine having in a home.
She’s been married three times. A proud mommy of twins. She also has a strange hobby of drag racing cars as much as 170 miles per hour. Her current husband is race car driver Val Torres Jr.
“My father had a passion for drag racing and that passion lives in me,” Lynsi Torres once told CompetitionPlus. “Drag racing has played a big role in In-N-Out’s history and it is also an important part of my family history.”
In-N-Out Burger Heiress: One of World’s Youngest Billionaires
Lynsi Torres will soon own all of the fast-food chain, doubling her wealth.
Youngest Woman Billionaire Made Fortune Flipping Burgers at In-N-Out
The youngest female billionaire in the U.S. — and one of the youngest on Earth — owes her $1.1 billion fortune to flipping burgers, according to the Bloomberg Billionaires Index.
Lynsi Torres, 30, is owner and president of the In-N-Out Burger chain, whose restaurants have earned a following so devoted, says Bloomberg, that customers line up hours in advance of a new store’s opening.