Lippitt was the president of the Lippitt Woolen Company and owned various textile mills, including Lippitt Mill in West Warwick and the Hanora Mills and Social Mill in Woonsocket. He was also a vice president of the Rhode Island Institution for Savings and the president of the Rhode Island National Bank.
Governorship
Lippitt was a Republican and succeeded fellow Republican Henry Howard as governor of Rhode Island on May 25, 1875. He was governor for two years and was then succeeded by another Republican, Charles C. Van Zandt, on May 29, 1877.