The mysterious heiress of In-N-Out Burgers says that she will not take the company public or franchise restaurants because it is not what her family would have wanted.
Many people question why the company has refused to go public in the past because of the wide popularity of the restaurant, which has an estimated net worth of $1 billion. CBS News correspondent Ben Tracy met up with 33-year-old In-N-Out President and owner Lynsi Snyder, who rarely speaks to the press, for an exclusive interview.
Tracy asked Snyder, the only grandchild of In-N-Out founders Harry and Esther Synder, how her family has become so successful with only 304 locations, to which Snyder replied:
“It’s about the quality, the friendliness and the cleanliness. We keep it simple.”
The interview was especially interesting because the Snyder family has been known for staying out of the media. Tracy inquired about her family’s shyness toward the press, and Snyder responded:
“We back away from it, because we don’t want to be in the spotlight, we don’t want a bunch of attention. And we want to do what we do best, and that’s serve some good burgers to our customers.”
The company started in 1948, and as Snyder stood behind one of the iconic restaurants, she pointed back to it and said:
“It’s not about us here, it’s about this.”
For almost 70 years, In-N-Out has refused to go public with the company. In a little over a year and a half, Snyder will become the full beneficiary to all of In-N-Out’s stock upon her 35th birthday, but she said she will uphold her family’s decision to stay family-operated. She said:
“The only reason you would do that is for the money and I, I wouldn’t do it. … My heart is totally connected to this company because of my family and the fact that they’re not here, you know. I have a strong tie to keep this the way they would want it.”
Snyder was involved in two kidnapping attempts as a child and has since been very averse to public exposure. She has said she stays under the radar to protect her family .