In a recent Bloomberg profile of Lynsi Torres, the 30-year-old In-N-Out heiress, it became clear that pinning down details about the nation’s youngest female billionaire is as difficult as convincing the cultish burger chain she now owns to open on the East Coast. Piecing together information from a lot of secondhand sources, the portrait of Torres reveals less about her and more on the business that her family built.
Her grandparents, Harry and Esther Snyder, founded In-N-Out in Baldwin Park, California in 1948. Sixty-five years later, In-N-Out is so successful that “city officials plead with the Irvine, California-based company to open restaurants in their municipalities.” Not that the brand has ever been impelled to move at anyone else’s pace. One restaurant analyst says it’s all about “slow, calculated growth,” since “In-N-Out has the luxury of calling the shots to replicate its success without succumbing to potentially detrimental outside influences.”
Torres inherited the chain after the untimely deaths of her uncle and father, as well as her grandmother’s passing in 2006. According to Bloomberg, “She now controls the company through a trust that gave her half ownership when she turned 30 last year, and will give her full control when she turns 35.”
While she doesn’t have a college degree or any formal management training, “the company was structured to carry on after the demise of its founders.” Her low profile notwithstanding, Bloomberg was able to unearth some hearsay about her drag-racing hobby, her philanthropic engagements, and her real-estate purchases.
[via Bloomberg Businessweek]