The Best Company I’ve Ever Seen

MSNBC:

Ask my eldest son what he liked most about our recent vacation to California, and you’ll get none of the usual responses. Disneyland? Sure. Legoland? Yeah, but it would have been nice to actually use his Lego gift card. Sea World? Cool dolphins - but where are the sea turtles?

And, really, what’s the deal with mixing a beer garden with a giant fish tank? What, no chips and tartar sauce? (Whoops, that’s me.)
What our 8-year-old most enjoyed about our trip was the frequent stops at In-N-Out Burger. Me, too - because In-N-Out is the best company I’ve ever seen.

Quality your portfolio can taste
So what’s so special about In-N-Out Burger? Let me count the ways:

1. It’s family-owned. Since 1948, when Harry and Esther Snyder founded the first drive-through in Baldwin Park, Calif., In-N-Out’s owners have maintained control over the business. Burger King - home of the Whopper and the creepy mascot - is 99% owned by institutional investors such as Goldman Sachs.

2. It follows a disciplined growth strategy. In-N-Out insists on using fresh ingredients for its burgers and fries. All 200-plus locations are within trucking range of its Baldwin Park beef commissary. Expansion beyond southwest Utah would require freezing and, from management’s view, damage the brand. Krispy Kreme’s disastrous franchising strategy is all the evidence I need to agree.

Carry on reading.