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Winnipeg Free Press
21 minutes ago
- Business
- Winnipeg Free Press
In-N-Out Burger CEO to join the list of high-profile business figures to leave California
LOS ANGELES (AP) — As California's much-loved hamburger chain In-N-Out Burger expands across the country into Tennessee, billionaire owner and CEO Lynsi Snyder has announced she and her family are going with it and heading east, too. 'There are a lot of great things about California, but raising a family is not easy here,' Snyder announced last week on the 'Relatable' podcast, hosted by conservative commentator Allie Beth Stuckey. 'Doing business is not easy here.' Snyder said the corporate headquarters will remain in California. The company announced in 2023 that it planned to open a corporate office in Tennessee, along with restaurants in and around Nashville. FILE - Tennessee Gov. Bill Lee, center, poses with In-N-Out Burger owner and President Lynsi Snyder, to his right, in Franklin, Tenn., on Jan. 10, 2023. (AP Photo/Jonathan Mattise, File) With her move to Tennessee, Snyder becomes the latest high-profile business figure to decamp a state known for its sunshine but also heavy taxes and regulation, progressive politics and a punishing cost of living. Other departures have included Charles Schwab and Chevron, which cited regulatory issues, taxes and high operating costs, and Elon Musk announced last year he was moving the headquarters of SpaceX and social media company X to Texas. He said at the time that a California law barring school districts from requiring staff to notify parents of their child's gender identification change was the 'final straw.' Snyder is the granddaughter of the chain's founder, Harry Snyder, who opened his first drive-thru hamburger stand in Southern California in 1948. The California cache has long been part of the brand's identity. Winnipeg Free Press | Newsletter Business Weekly Monday Mornings The latest local business news and a lookahead to the coming week. Sign Up I agree to the Terms and Conditions, Cookie and Privacy Policies, and CASL agreement. According to its website, In-N-Out Burger has over 400 locations across eight states — California, Nevada, Arizona, Utah, Texas, Oregon, Colorado and Idaho. In a post on the social media platform X, Tennessee Gov. Bill Lee said, 'From the first time I met Lynsi and her team, we both knew (the chain) would thrive in the Volunteer State.'
CNBC
2 hours ago
- Business
- CNBC
In-N-Out billionaire CEO: 'We're not moving' HQ out of California
Lynsi Snyder, the billionaire owner and president of California-based burger chain In-N-Out Burger, says her company isn't moving its corporate headquarters to Tennessee — it's merely opening a new office there. "We're not moving In-N-Out Burger's corporate headquarters," Snyder, 43, said on Monday. "We're not leaving California, or leaving our roots behind. Each one of our locations is here to stay." Snyder's comments came three days after an interview she gave on the "Relatable" podcast, where she spoke about her family's impending move to Tennessee. "There are a lot of great things about California, but raising a family is not easy here," Snyder, who has four children, said on the podcast. "Doing business is not easy here." Snyder's grandparents founded the popular burger chain in 1948 in Baldwin Park, California. Some initial reports suggested that Snyder would bring In-N-Out's corporate headquarters to Tennessee with her, and the company — which exists predominantly on the West Coast — does plan to open new locations in the Southeast and a regional headquarters in Franklin, Tennessee. The company's current headquarters in Irvine, California, will close by 2029, Snyder said last week — and the company will soon be based in Baldwin Park instead, she now says. DON'T MISS: How to build a standout personal brand—online, in person and at work Snyder's comments on the podcast drew backlash from critics who accused the billionaire of fleeing California, where her family's business grew and thrived for decades, in search of lower tax rates. Some Californians criticized Snyder for pulling her family out of the state that helped her family attain generational wealth. Snyder's estimated net worth is $7.3 billion, according to Forbes. Tennessee doesn't tax individual income, and its top corporate tax rate of 6.5% is much lower than California's top rate of 8.84%. High business expenses are a key reason why California ranked 22nd on CNBC's 2025 ranking of the Top States for Business, while Tennessee ranked 8th overall. "Where I raise my family has nothing to do with my love and appreciation for our Customers in California," Snyder said on Monday. "I'm very proud of where In-N-Out started. Anyone who knows me knows how often I talk about our beginnings and how our customers here in California helped bring us to where we are today." Most of In-N-Out's 400-plus locations are in California. The company has expanded its footprint over the past three decades, and now has locations in eight states: California, Nevada, Arizona, Utah, Texas, Oregon, Colorado and Idaho. The company is the ninth-largest burger chain in the U.S. by sales, bringing in an estimated $2.1 billion per year, according to food service consulting firm Technomic. Its national expansion efforts are notably slow and deliberate, due partially to the company's commitment to never freezing any of its ingredients, meaning that any new restaurant must be within a day's driving distance of an In-N-Out supply center. With its new facility and offices in Franklin expected to be completed in 2026, the company could soon begin opening locations in Tennessee, with 35 new restaurants eventually planned for the state, The Tennessean reported on Monday. Want to stand out, grow your network, and get more job opportunities? Sign up for Smarter by CNBC Make It's new online course, How to Build a Standout Personal Brand: Online, In Person, and At Work. Learn from three expert instructors how to showcase your skills, build a stellar reputation, and create a digital presence that AI can't replicate. Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life, and request to join our exclusive community on LinkedIn to connect with experts and peers.
Sydney Morning Herald
2 hours ago
- Business
- Sydney Morning Herald
‘Raising a family is not easy here': Billionaire burger heiress is making a big move
The In-N-Out burger chain, with its ubiquitous palm trees and cult-like following on the West Coast, is distinctly Californian. But its billionaire owner is no longer calling the state home. Lynsi Snyder, whose grandparents founded In-N-Out nearly eight decades ago near Los Angeles, told a podcast she is moving with her family to Tennessee. 'There's a lot of great things about California, but raising a family is not easy here. Doing business is not easy here,' Snyder said in a July 18 interview with Allie Beth Stuckey on the Relatable podcast. 'The bulk of our stores are still going to be here in California, but it will be wonderful having an office out there, growing out there and being able to have the family and other people's families out there.' The move marks a major departure for both In-N-Out and Snyder personally, who grew up largely in Northern California. The burger chain first announced its expansion to Tennessee in 2023 and has started construction on a 9,290 square-metre office building in Franklin, outside of Nashville. It's expected to complete construction next year and will soon open its first restaurants in the state, the company said in September. Loading 'Opening an office far from our roots is something new and exciting,' Snyder said in a statement, adding that it has no plans to close any of its California locations. Expanding to Tennessee offers employees 'wonderful opportunities to buy a home and raise a family.' Snyder, who's currently worth $US7.3 billion ($11.1 billion), will be the richest woman in Tennessee when she relocates, according to the Bloomberg Billionaires Index. The 43-year-old mother of four was the youngest American female billionaire when Bloomberg first valued her fortune in 2013, three years after she was named president of the family-run business following the deaths of her father and uncle. She also inherited her family's love of drag racing and has competed in the National Hot Rod Association's Top Sportsman class.
The Age
2 hours ago
- Business
- The Age
‘Raising a family is not easy here': Billionaire burger heiress is making a big move
The In-N-Out burger chain, with its ubiquitous palm trees and cult-like following on the West Coast, is distinctly Californian. But its billionaire owner is no longer calling the state home. Lynsi Snyder, whose grandparents founded In-N-Out nearly eight decades ago near Los Angeles, told a podcast she is moving with her family to Tennessee. 'There's a lot of great things about California, but raising a family is not easy here. Doing business is not easy here,' Snyder said in a July 18 interview with Allie Beth Stuckey on the Relatable podcast. 'The bulk of our stores are still going to be here in California, but it will be wonderful having an office out there, growing out there and being able to have the family and other people's families out there.' The move marks a major departure for both In-N-Out and Snyder personally, who grew up largely in Northern California. The burger chain first announced its expansion to Tennessee in 2023 and has started construction on a 9,290 square-metre office building in Franklin, outside of Nashville. It's expected to complete construction next year and will soon open its first restaurants in the state, the company said in September. Loading 'Opening an office far from our roots is something new and exciting,' Snyder said in a statement, adding that it has no plans to close any of its California locations. Expanding to Tennessee offers employees 'wonderful opportunities to buy a home and raise a family.' Snyder, who's currently worth $US7.3 billion ($11.1 billion), will be the richest woman in Tennessee when she relocates, according to the Bloomberg Billionaires Index. The 43-year-old mother of four was the youngest American female billionaire when Bloomberg first valued her fortune in 2013, three years after she was named president of the family-run business following the deaths of her father and uncle. She also inherited her family's love of drag racing and has competed in the National Hot Rod Association's Top Sportsman class.
San Francisco Chronicle
4 hours ago
- Business
- San Francisco Chronicle
‘We're not leaving': In-N-Out responds to rumors about California exit
In-N-Out Burger is staying put in California, despite CEO Lynsi Snyder's personal decision to relocate her family to Tennessee, the company said Tuesday. The popular fast food chain reaffirmed that its corporate headquarters will remain in the state, following a wave of speculation sparked by CEO Lynsi Snyder's announcement that she and her family are relocating to Tennessee. 'We're not moving In-N-Out Burger's corporate headquarters,' read a joint statement from Snyder and the company. 'We're not leaving California, or leaving our roots behind. Each one of our locations is here to stay.' The move to Tennessee, the company said, is part of a previously announced expansion that includes opening an 'Eastern Territory' office in Franklin, Tenn., by 2026. Snyder will reside there with her family, but the majority of the company's operations will remain in California. In-N-Out is consolidating its West Coast offices in Baldwin Park — home to the original 1948 location — and phasing out its Irvine office by 2030, a year later than initially planned. California Gov. Gavin Newsom's office also pushed back against the rumors. 'For those interested in the facts, rather than fiction, In-N-Out is expanding East — creating a second HQ in Tennessee,' the office posted on X. 'In-N-Out continues to expand in California — adding more locations in the Golden State this year than any other state.' Speculation about the company's future in California intensified after Snyder appeared on conservative pundit Allie Beth Stuckey's 'Relatable' podcast last week, where she aired personal frustrations about life and business in the state. 'There's a lot of great things about California, but raising a family is not easy here,' Snyder said. 'Doing business is not easy here.' She also referenced a COVID-era clash with San Francisco officials, when one location was temporarily shut down for refusing to enforce vaccine mandates. 'We're not policing our customers,' Synder said. 'I'm very proud of where In-N-Out started,' she wrote. 'Anyone who knows me knows how often I talk about our beginnings and how our Customers here in California helped bring us to where we are today.'
