Lance Incorporated
What started in 1913 as 500 pounds of unwanted Virginia peanuts has evolved into Lance Inc., with revenues steadily approaching one billion dollars. Phillip L. Lance, a Charlotte-based food distributor, ordered 500 pounds of peanuts directly from a planter with the intent to resale them to one of his customers. When Lance’s customer reneged on the peanut deal, Lance roasted the peanuts at his home and sold them on the streets of Charlotte for a nickel a bag instead of returning them to the planter. The home roasted peanuts quickly became popular among Charlotte residents, and Lance soon started producing peanut butter.