Lynsi Torres, owner and president of the In-N-Out Burger chain, is finally getting her 15 minutes of fame.
Torres, 30, is the heiress to the West Coast fast-food giant, and as a result is one of the youngest billionaires in the world.
According to the Bloomberg Billionaires Index, the burger matriarch is worth a reported $1.1 billion due to the vast popularity of the chain which claims almost 280 units in five states. While Torres didn’t found In-N-Out, it was her grandparents, Harry and Esther Snyder, who introduced California's first drive-through hamburger stand in 1948 in Baldwin Park. In-N-Out has grown over the year into an empire worth more than $1 billion.
With 2012 sales of about $625 million, Bloomberg bases its $1.1 billion valuation for In-N-Out on the metrics of five publicly-traded peers, including McDonald's Corp and Wendy's. Because the company is privately held, its financial records are confidential.
While many of its competitors have chosen the franchise route as a fast-track to success, In-N-Out opted to go the other way which helps the company maintain quality control. Consultants Bain & Co in 2005 estimated the chain enjoys a 20 percent profit margin as a result of moves just like that one.
The thrice-married Torres has kept a low profile over the years granting limited interview and keeping her privacy a top priority. The young billionaire only came to control In-N-Out after several family deaths. Torres’s grandmother Esther maintained control of the company until her death in 2006 at age 86.
When she died, Torres was the sole family heir. 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. The company has no other owners, according to an Arizona state corporation commission filing.
Despite In-N-Out being her main focus, Torres reportedly takes a liking to racing as she is known to compete in National Hot Rod Association races, sometimes driving a 1970 Plymouth Barracuda, sometimes a 1984 Chevrolet Camaro, according to association records.
Check out five other billionaires under 30.
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