Word: lapin
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Dates: during 1960-1969
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Because he felt that "it might be fun to operate a restaurant," a Californian named Al Lapin Jr. eight years ago quit a job in television and opened a Burbank restaurant that specialized in pancakes. Lapin's venture has been good for profits as well as pleasure. The single place has expanded into 152 pancake houses in 26 states, all under Lapin's International Industries, Inc., which last year grossed $30 million...
Entrepreneur Lapin, 38, is on the way to becoming a millionaire, thanks mostly to franchising, one of the fastest-growing facets of U.S. business. Franchisers build national chains dealing in everything from popcorn to part-time help by licensing others to invest in and operate stores or offices; the franchiser makes money from the license and by selling supplies, techniques or recipes as well as nationally advertised signs, slogans and decor. Such operations now do a combined annual business of $25 billion, are growing 10% yearly...
...measure of their success, Boston College recently opened a permanent Center for the Study of Franchise Distribution. It is being underwritten by 200 firms, including Lapin's Pancake Houses, Hertz Rent-A-Car, Carvel ice cream, Mister Donut of America, Inc., Western Auto, Midas Mufflers and Chicago's A to Z Rental, which rents everything for the home from axes to zaxes (a special cutter for roofing tiles...
...teller, a beautician and a schoolteacher. Such entrepreneurs put up $6,000 on the average, but the price can vary widely. For $2,500, a would-be businessman can now open a shop selling foot-long meatballs at 90?. Car-matic auto-washing stations go for $14,800, while Lapin's pancake restaurants require a $40,000 investment...
...into the manufacture of portable classrooms, and last year sold out at a huge profit. The demand for time-saving conveniences can be turned into wealth. Chicago Millionaire Charles Stein, 37, got started by squeezing oranges into juice and selling it to hospitals and hotels. Los Angeles' Al Lapin, 38, and his brother, Jerry, 36, became rich by brewing coffee that they sold from wagons in office buildings, later built and franchised a string of pancake houses...