In June 2024, I traveled to Silicon Valley, California. The food prices there were shocking—nothing like what you’d find in Taiwan or Malaysia, where food is both affordable and delicious. Living in these Asian culinary paradises has spoiled me, so I challenged myself to try things I couldn’t find back home. That’s how I discovered In-N-Out Burger and finally understood the hype. Honestly, this burger adventure was so much fun!
What’s In-N-Out Burger All About?
In-N-Out Burger is a beloved burger chain known for its fresh ingredients and secret menu, with a huge fan following. One of its most popular items is the “Double-Double,” named for its double beef patties and double slices of cheese—a simple but irresistible combo.
The secret menu adds to In-N-Out’s charm. You won’t see it displayed in the restaurant, so you’ll need to either know what to order or ask the cashier for recommendations. Some popular secret items include:
- Animal Style Burger: Mustard grilled patties with pickles, grilled onions, and a special sauce (a mix of mayo, ketchup, and relish).
- Animal Style Fries: French fries topped with melted cheese, grilled onions, and the same special sauce.
- Protein Style: A low-carb option where lettuce replaces the bun.
- Flying Dutchman: Two patties and two slices of cheese—nothing else.
- 3×3 or 4×4: Burgers with three or four patties and slices of cheese.
- Neapolitan Shake: A mix of vanilla, chocolate, and strawberry milkshake flavors.
- Chopped Chilies: Extra spice can be added to your burgers or fries with chopped chilies.
These secret items make every visit to In-N-Out exciting, leaving customers eager to come back and try more. It’s no wonder this chain has developed a near-cult following.
Can I Invest in In-N-Out?
During my visit, the In-N-Out I went to was packed—beating McDonald’s in popularity by miles. As an investor, I was curious: Is In-N-Out listed on the stock market? Can I buy its shares?
Here’s a bit of history: In-N-Out was founded in 1948 by Harry and Esther Snyder in Baldwin Park, California. It was the first drive-thru burger joint in the state, allowing customers to order and receive food without leaving their cars—a revolutionary idea at the time.
Today, there are about 400 In-N-Out locations across the U.S. However, the chain remains privately owned by the Snyder family, with Lynsi Snyder, the founders’ granddaughter, serving as the current CEO and sole heir. Since it’s a family-owned business, In-N-Out has never gone public, meaning its shares are not available for purchase.
Why Does In-N-Out Stay Private?
The Snyder family keeps the company private for several reasons:
- Quality Control: They prioritize quality over rapid expansion, ensuring they don’t have to cut corners for shareholders.
- Family Ownership: Staying private allows them to preserve their legacy and maintain full control over the business.
- Employee Benefits: In-N-Out is known for treating employees well, with wages and benefits above industry standards.
- Controlled Growth: The company expands slowly and deliberately, focusing on meeting high standards.
- Brand Loyalty: Keeping things private preserves the chain’s exclusivity and mystique.
McDonald’s: A Different Path to Success
Meanwhile, let’s look at McDonald’s—a household name worldwide. It started in 1948, the same year as In-N-Out, when the McDonald brothers launched a fast-food restaurant focused on efficiency and simplicity with their “Speedee Service System.”
Ray Kroc, a milkshake machine salesman, was impressed by their concept and joined forces with the brothers to expand the business nationwide. Today, McDonald’s operates over 42,000 outlets across 100 countries—100 times more than In-N-Out!
McDonald’s success is largely driven by its public listing. It has raised billions through stock sales, turning countless investors and franchise owners into millionaires. In 1984, Ray Kroc passed away, leaving behind 7,500 outlets and a $600 million fortune. His wife, Joan Kroc, inherited his wealth, which amounted to $2.7 billion by the time of her death in 2003.
Two Different Models: In-N-Out vs. McDonald’s
Both In-N-Out and McDonald’s have achieved success, but they took vastly different routes. Here’s a quick comparison:
| Category | In-N-Out | McDonald’s |
|---|---|---|
| Ownership | Family-owned, private | Public, listed company |
| Expansion | Slow, controlled growth | Aggressive global expansion |
| Number of Locations | ~400 | 42,000+ |
| Market Value | Not listed (~$3 billion) | ~$200 billion (as of 2024) |
| Quality Focus | High-quality, fresh ingredients | Efficiency and consistency |
| Signature Items | Double-Double, Animal Style | Big Mac, McNuggets |
| Employee Treatment | High wages and benefits | Varies by location |
| Marketing | Word of mouth, loyal following | Global advertising campaigns |
Conclusion: Two Roads to Success
Both In-N-Out and McDonald’s are successful, but their methods reflect their values. McDonald’s thrives through aggressive expansion and wealth creation for investors. On the other hand, In-N-Out focuses on quality, family values, and creating a unique customer experience.
As an investor, McDonald’s offers plenty of opportunities for wealth building. But as a foodie, In-N-Out provides an unmatched burger experience. Each brand teaches valuable lessons: one about business growth and the other about staying true to your principles. No matter which path you prefer, both success stories are worth appreciating.
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