The billionaire president of In-N-Out says she went “toe-to-toe” in high-stakes company meetings to maintain costs low as California’s fast food industry sees menu prices soar amid inflation and the Golden State’s latest minimum wage hike.
Lynsi Snyder, who took over the family-owned burger chain at just 27 in 2010, has guided her company through inflation and the rise in minimum wage, all while keeping menu prices low and profits up.
“I used to be sitting in VP meetings going toe-to-toe saying ‘we are able to’t raise the costs that much, we are able to’t,’” Snyder said Wednesday during an interview with TODAY. “I felt such an obligation to look out for our customer.”
In-N-Out President Lynsi Snyder says she went “toe-to-toe” during meetings to maintain the fast food chain’s menu prices down. NBC
Snyder, now 41, said the corporate wasn’t interested by following their competition’s decisions to extend the costs for a fast buck.
“When everyone else was taking these jumps we weren’t,” she added.
A latest California minimum wage law, which went into effect April 1st, saw several fast food restaurants climbing up their menu prices to counteract the brand new wages.
The bill, signed by Gov. Gavin Newsom last fall, requires fast-food chains within the state with over 60 locations nationwide to pay employees a minimum of $20 an hour, greater than the $16 minimum wage in all other industries within the state.
The 41-year-old heiress said the corporate wasn’t interested by following their competition’s decisions to extend the costs for a fast buck. lynsi_snyder/Instagram
Last fall, California Gov. Gavin Newsom signed a latest minimum wage law for all fast food chains with over 60 locations nationwide. AP
At a Los Angeles Burger King, a Double Texas Whopper saw a virtually 12% increase from $15.09 to $16.89 in a couple of days.
The identical store’s Big Fish had a 53%, or $4 jump from $7.49 to $11.49, The Post reported.
As In-N-Out’s nearby competitors drastically raised their prices, considered one of Snyder’s LA restaurants only increased its burger prices by 25 cents and drink prices had a bump that only cost an additional nickel.
In-N-Out’s menu prices before and after April 1, when California’s latest fast food minimum wage law went into effect.
As In-N-Out’s nearby competitors drastically raised their prices, considered one of Snyder’s LA restaurants only increased its burger prices by 25 cents and drink prices had a bump that only cost an additional nickel. lynsi_snyder/Instagram
“It’s such a nominal increase,” customer Shawn Fields told The Post earlier this month.
“It looks as if an affordable amount.”
Snyder said she also didn’t follow other chains after they leaped into the digital fast food age, one other decision she says was made with patrons in mind.
“No to mobile ordering because that greatly impacts the client service experience.
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The 41-year-old heiress took over the family owned company on the age of 27. lynsi_snyder/Instagram
“There’s loads of things that might be cheaper, easier, but that’s not the system we undergo.”
The restaurant has been anti-mobile ordering for nearly a decade including when then-start-up DoorDash attempted to deliver In-N-Out meals to potential customers, a move that angered the higher-ups.
The burger chain sued the delivery app claiming it didn’t trust third-party services to handle the food, TMZ reported in 2015.
She also shared that she commonly receives messages and calls asking for In-N-Out to be sold or to start out an IPO, which she reportedly will proceed to say no.
“We’re a family company, we’re a non-public company and that is who we’re and I’m unashamed of my faith,” Snyder said in regards to the chain’s packaging that features Bible Verses.
