Lipmans in a native of Liepāja, graduated from the Leningrad Institute of Railway and Transport Engineering and the University of Latvia, and has worked as an economist.

[1] He later worked for Valsts elektrotehniskā fabrika (VEF; State Electrotechnical Factory) as an economist, and as head of its computer base center.

[6] He transitioned Grindeks from having the majority of its sales in Commonwealth of Independent States countries, into a company with 90 per cent of its products exported and a presence in European, Asian and American markets.

[7] In May 2021, the Riga Regional Court fined them €1,900,000 for selling state-owned Grindeks shares in 2017, which Lipmans felt was politically motivated litigation.

[1][2] The LHF was awarded hosting duties for the 2006 IIHF World Championship,[2][3] and Lipmans oversaw the construction of Arena Riga for the event.

[1] The 11,000-seat arena was a requirement for hosting the World Championship, and was delayed due to disagreements on the construction contract and finding an investor to fund the project.

The Baltic Times reported that Lipmans was to blame for the delays, and that he was asked to resign due to a conflict of interest with owning shares in the arena's management company.

[15] Lipmans was recognized for his contributions to Latvia when made an Officer of the Order of the Three Stars in 2001, and was given the Sportsperson of the Year Award from the Latvian Sports Federation in 2006.

[18] They have a family home in Jūrmala, and have donated money to sports and children; and sponsored concerts including Inese Galante's opera Summertime, and the Jurmala Young Pop Singer Competition operated by Laima Vaikule.