In-N-Out Heiress Lynsi Snyder Has *At Least* $1.3 Billion Reasons To Become A Resident Of Tennessee

In-N-Out Burger is a West Coast institution. Founded in 1948 by Harry and Esther Snyder in Baldwin Park, California, the company has grown from a single 10×10 burger shack into a cultishly beloved fast food empire with over 400 locations and an estimated $5 billion in annual revenue.

And yet, despite its deep California roots, while being interviewed on a podcast recently, In-N-Out's billionaire president and sole owner, Lynsi Snyder, revealed that she is preparing to leave the Golden State behind.

She isn't just relocating herself. She's taking part of the company with her.

In the interview, Snyder confirmed that she and her family are moving to Tennessee, coinciding with the company's expansion into the South and the construction of a new 100,000-square-foot Eastern U.S. headquarters in the Nashville suburbs.

On the surface, Snyder framed the move as personal and cultural. "Raising a family is not easy here," she said of California. "Doing business is not easy here."

And while those two sentiments may be true, I can think of at least 1.3 billion other reasons Lynsi wants to relocate…

(Photo by Leonard Ortiz/Digital First Media/Orange County Register via Getty Images)

From Burger Shack To Billionaire Burger Heiress

In-N-Out was founded by Lynsi Snyder's grandparents, Harry and Esther Snyder, in 1948. For decades, it remained a small, family-run operation with a cult following across Southern California. But in the 1980s and early '90s, under the leadership of Lynsi's uncle, Rich Snyder, the company began expanding and modernizing—establishing headquarters, opening dozens of new locations, and laying the groundwork for what would become a fast food empire.

Tragically, Rich died in a plane crash in 1993. Control of the company passed to his older brother, Guy Snyder—Lynsi's father—who continued growing the business but struggled with long-term addiction. In 1999, Guy died of an accidental drug overdose at the age of 48, leaving 17-year-old Lynsi as the sole heir to the family's empire.

Thanks to a series of meticulously structured family trusts, Lynsi gradually assumed full ownership of In-N-Out over the next two decades. She inherited one-third of the company at age 25, another portion at 30, and the final controlling stake on her 35th birthday in 2017. Since then, she has served as both president and sole owner.

If you want the full, unbelievable story behind how Lynsi Snyder came to control a multi-billion-dollar burger empire, you can read that here.

$1.3 billion Reasons to Move

Maybe I'm being too cynical, but when I hear Lynsi talk about moving to Tennessee, it seems so obvious that she's planning to sell the company in the future. Think about it. How hard, REALLY, is it to raise a family in California when you have unlimited money?

If you're worried about your kids, buy a 100+ acre compound and build a school on the property stocked with elite private teachers. You know who did that? Lynsi's parents! For most of her life up until around 17, Lynsi lived in a tiny rural town called Shingletown, 200 miles north of Sacramento, on a private ranch that featured a private school for Lynsi and a handful of other kids from town.

On the other hand, I can vouch that it is extremely hard and annoying to do business in California. Between the random Franchise Tax Board fees, city taxes, business licenses, business license fees, regulations, constant labor law changes, and the ever-looming threat of costly litigation, California can feel like it's actively punishing business owners.

And then there's personal income taxes.

California has the highest rate of personal income taxes. California's tax rate on a long-term capital gain – the tax you pay after selling an asset you've owned for longer than a year – is 13.3%. There are a handful of states in the US where that rate would be 0%. Tennessee is one of those states (so is Florida, Alaska, Nevada, Texas, New Hampshire, South Dakota, and Wyoming).

What Would In-N-Out Sell For?

If it ever went up for sale, In-N-Out would CONSERVATIVELY be worth $10 billion. If Lynsi sold the company while she was a California resident, she would cough up $1.3 billion the the California tax authority (which is called the Franchise Tax Board). If she moved to Tennessee and lived there for longer than a year to officially establish residency, and then sold for $10 billion, she would literally pay zero dollars to the state.

And like I said, a $10 billion valuation for In-N-Out might be low. Consider this – Raising Cane's is currently worth $12.5 billion. Raisin Cane's did around $4.5 billion in revenue last year from 850 locations. It's ESTIMATED (no one knows the exact number) that In-N-Out generated $5 billion last year off around 425 locations.

Let's play this out. If Raising Cane's is reportedly worth $12.5 billion on $4.5 billion in revenue, that's a ~2.8x revenue multiple. But Raising Cane's has lower revenue per store, lower margins, and is growing more aggressively—things that some investors like, but others would see as riskier.

Meanwhile, In-N-Out generates $5 billion in revenue from just 425 stores, meaning each store brings in around $12 million annually—more than double the AUV (average unit volume) of Cane's, Chick-fil-A, McDonald's, or almost anyone else in fast food.

And here's where it gets very real: If In-N-Out earns $1 billion in net profit annually, a $10 billion valuation implies a 10x earnings multiple. That's absurdly low for a beloved, high-margin, zero-debt, cult-followed private company with no franchises, no outside investors, and virtually no debt.

Let's compare it to other food companies:

• Chipotle trades at 50x earnings and over 6x revenue.
• McDonald's trades at around 25x earnings and ~9x EBITDA.
• Starbucks trades around 30x earnings.

Even Raising Cane's is reportedly valued at 2.8x revenue, with lower per-store output.

If In-N-Out is doing:

• $5 billion in revenue
• $1 billion in profit (20% net margin)

Then:

• A 20x earnings multiple = $20 billion valuation
• A 4x revenue multiple (still conservative vs. Chipotle/Starbucks) = $20 billion

And this isn't fantasy math. If In-N-Out ever went up for sale—and if bidders like Berkshire Hathaway, JAB Holdings, or Blackstone got involved—you'd have a feeding frenzy. The brand is pristine, the economics are elite, and the growth runway (if they ever chose to accelerate) is massive.

If Lysni moves to Tennessee and sells the company for $20 billion, she'll save herself $2.6 billion in taxes.

She Could Also Not Sell And Still Save

Even if Lynsi doesn't sell, the tax savings are insane. Let's keep using the assumption that In-N-Out earns $1 billion in profit per year, and that since Lynsi owns 100% of the company, all of that profit flows directly to her as income, either through dividends or distributions.

Under California's personal income tax, Lynsi would owe 13.3% on that $1 billion every year. That's $133 million per year going straight to Sacramento.

After 10 years, she will have saved $1.33 billion. After 20 years, $2.66 billion. If Lynsi lives another 40 years (she's 43) and the business stays exactly the same, roughly $5.33 billion will go into her pockets over her lifetime.

Whether or not Lynsi ever sells In-N-Out, one thing's already clear: moving to Tennessee isn't just a personal choice. It might be one of the most financially savvy decisions of her life.