New In-N-Out Burger Book Debunks Myths
In-N-Out Burger is only in fours states, and not well known to East Coast folks, but many people in California and Arizona have had the pleasure of dining there.
A recently released book In-N-Out Burger: A Behind-the-Counter Look at the Fast-Food Chain That Breaks All the Rules by Stacy Perman details the company’s success, and should be snapped up faster than a double.
And for those of you looking for a job, well, you could do worse than work there:
From its start, In-N-Out paid employees more than the going rate. (Associates always made at least $2 to $3 above minimum wage.) As of February 2008, In-N-Out was paying new part-time associates $10 an hour—just 51 cents less than full-time workers at Wal-Mart (WMT), whose $375 billion in annual sales is about 1,000 times greater than In-N-Out’s. Store managers at In-N-Out make at least $100,000 a year and are eligible for monthly bonuses tied to store sales.
Rich also established an expansive set of benefits, including 401(k) plans, paid vacation for part-timers, and health, dental, and vision plans for full-time workers. Each year, he put on companywide picnics and a gala dinner. Managers who met their goals were sent on trips with their spouses, often to Europe in first-class seats. For a Christmas outing to a performance of The Nutcracker, Rich insisted that his managers wear tuxedos. He thought they stood shoulder to shoulder with any blue-chip manager and wanted them to feel that way, too.
The upshot of treating its employees with special care is that In-N-Out boasts one of the lowest turnover rates in the business. Industrywide, only about half of all fast-food workers stay beyond a year. And the numbers plummet to just 25% at two years and 12% at three. In In-N-Out’s case, managers’ typical tenure is 14 years, while part-time associates remain, on average, for two. Business Week
Perman gets to the bottom of the company’s born-again Christian roots, which took on the aura of an urban legend.
But putting that aside, it is a temple of Hamburger - and uniquely American.
Check out the video from the author, where she details the company’s mysterious culture.
In-N-Out Burger: Professionalizing Fast-Food
Business Week
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The content contained represent the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.
Rock On: No Haircut for Cody
Cody Willard has a cool dog. A cool TV show. And cool gay friend from High School. And he grew up in the Wild, Wild West.
Throw in a knock-off Prada wardrobe....and you have a Breaking Bad version of a Renaissance Man.
Oops - check that. He is more Cocktail than Showtime’s Breaking Bad:
First job in the Big City: A barista at a Starbucks. “I was a darn good one,” he brags, recalling how he would emulate Tom Cruise’s juggling bartender from the 1988 movie “Cocktail,” sending flavored syrups airborne. “I would toss those, catch ‘em around my back. I was very entertaining.”
Of course, the best thing about Cody is that he is flaky and eccentric, just like me. But he’s got me beat on the guitar and hair. Although I might have stiffed him on a tip when he worked at Starbucks years ago.
BTW, What’s up with those tip jars, Cody?
A finance talk-show host with rock-star looks
LA Times
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The content contained represent the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.
Game On: Buffoon (Cramer) vs Dr. Doom (Roubini)
Holy cow, just weeks after Cramer exited Jon Stewart’s stage with his tail between his legs he has another dustup to deal with. He has been laying into Roubini of late, apparently emboldened by this faux rally and extolling Doug Kass’ bottom call a month ago...but Roubini is fighting back, dogging Cramer last night in a Toronto appearance sponsored by Sprott:
“Cramer is a buffoon,” said Roubini, a New York University economics professor often called Dr. Doom. “He was one of those who called six times in a row for this bear market rally to be a bull market rally and he got it wrong. And after all this mess and Jon Stewart he should just shut up because he has no shame.”
Cramer recently wrote in a blog that Roubini is “intoxicated” with his own “prescience and vision” and said Roubini should realize that things are better since the stock market bottom in March. Stocks have rallied 26 percent since.
Roubini said in 2006 that the worst recession in four decades was on its way. He has attracted attention for his gloomy - and accurate - predictions of the U.S. financial market meltdown.
Roubini said the latest surge is just another bear market rally following the pattern of other rallies after the government intervened. He expects the market will test the previous low because of worse than expected macroeconomic news, disappointing earnings and because banks will fail after the stress tests come out.
“Once people get the reality check than it’s going to get ugly again,” Roubini said.
Roubini said Cramer should keep quiet.
“He’s not a credible analyst. Every time it was a bear market rally he said it was the beginning of a bull and he got it wrong,” Roubini said in an interview with The Associated Press.
Cramer has conceded he made some wrong calls, like most people watching the market. NY Post
I have a feeling this is not the last we hear of this.....
Economist Nouriel Roubini lashes out at CNBC host
NY Post
Market bear Roubini sticks to dour forecasts
Reuters
Twitter: A night with the bears
Globe and Mail
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The content contained represent the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.
Daniel Hannan Unloads on Gordon Brown
Ron Paul has quite a fan club across the U.S., and it appears Daniel Hannan is a chip off the old block - the Ron Paul of England?
He is my cup of tea. Check him out schooling Gordon Brown yesterday:
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Hannan Follow Up - he was a relative unknown to overnight sensation:
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My speech to Gordon Brown goes viral
Telegraph
