SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT


                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


Date of Report (date of earliest event reported): March 8, 2001

                                    IPI, Inc.
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)


           Minnesota                     001-15563             41-1449312
           ---------                     ---------             ----------
(State or other jurisdiction of  (Commission File Number)   (I.R.S. Employer
        incorporation)                                     Identification No.)



8091 Wallace Road
Eden Prairie, Minnesota                                         55344
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(Address of principal executive offices)                     (Zip Code)


Registrant's telephone number, including area code: (952) 975-6200





Item 2.  Acquisition or Disposition of Assets


     On March 8, 2001, IPI, Inc. acquired 337,600 shares of common stock of
Conseco, Inc. (NYSE: CNC), an Indiana based insurance and financial services
company. The Company paid approximately $4,905,000 in consideration for the
337,600 shares, which was financed from the working capital of the Company.

     The Company now holds 1,698,000 shares of Conseco common stock at a cost of
$15,073,575, which constitutes less than 1% of the approximately 325,264,000
outstanding shares of common stock of Conseco, Inc. The shares were purchased
for investment purposes only and the Company has no relationship to Conseco,
Inc. other than that of shareholder. All shares were purchased in open market
transactions.

     From time to time, the Company has invested and may invest in other
businesses or companies other than its core businesses of franchising and
operating fast turnaround business printing operations and franchising learning
centers. Although the Company has invested in other businesses or companies, the
Company does not intend to become an investment company and intends to remain
primarily an operating company.



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                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                       IPI, INC.



                       By /S/David M. Engel
                          ------------------------------------------------------
                          David M. Engel
                          Vice President of Finance and Chief Financial Officer


Dated: March 19, 2001




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