Al Lapin Jr. founded the International House of Pancakes with his brother Jerry in 1958 with one restaurant in Los Angeles, California. He expanded the chain through franchising and his holdings were estimated at $40 million in 1970. Just three years later, according to this Newsday.com article, Lapin was forced to sell his interest in the company for $50,000 when a number of economic factors threatened to ruin the chain. While Lapin tried other concepts, he never again experienced the level of success of IHOP and he ultimately filed for bankruptcy protection in 1989. Lapin died yesterday in Los Angeles.
For a look at IHOP's history, click here.
Posted by franchiselawblog at June 21, 2004 07:10 PM