Wait... what? You laid-off 90% of your staff?!? - Acquisitions Anonymous Episode 92

Bill D’Alessandro (@BillDA) hosts this incredible episode with special guest Peter Erickson (@smbpete). Pete walks us through his incredible journey, starting as an apprentice in the physical therapy business, going through his transition into a business owner, leadership challenges, layoffs, getting things thrown at him, overcoming disease to returning to a lost business, buying mistakes & what he’d do differently.This is a packed episode, buckle up!-----Thanks to our sponsors:* https://Cloudbookkeeping.com - Cloudbookkeeping specializes in bookkeeping solutions for everyone from start-ups to mature businesses. Check them out & mention our podcast.-----* Do you enjoy our content? Rate our show!* Follow us on Twitter @acquanon Learnings about small business acquisitions and operations.-----Show Notes:0:48 Cloudbookkeeping.com1:59 Pete Erickson - The Summit Physical Therapy, CEO3:34 Transitioning from employee to owner. How did you finance your acquisition?4:24 You bought a Clinic. What happened next? 5:45 Let's dig into those pushbacks, why were they so pissed off? How did you handle the situation?7:03 You mentioned maintaining people that weren't culturally fit for too long, what happened?10:42 Wait what? You laid off 90% of the staff?!?13:02 How does a captain handle a mutiny on the ship?15:48 Buying too small & buying a job: What did you learn about the business size that you're going to buy?17:56 One of the huge traps of buying a business 19:31 How to avoid a confusing marketing message?22:24 Growing and developing team members: When should you do it in-house and when should you invest in training? - Peter Principle24:48 How do you build processes and systems that help people to be autonomous?-----Links:* https://www.thesummitpt.com/physicaltherapy* Connect with Pete-----Additional episodes you might enjoy:#90 Move over Elon - Here's what we'd do if we acquired Twitter#87 Yelp is not evil! Building a business using digital CAC - Featuring Johnny Robinson from Orange Window Cleaning#86 Rocketship your business with... Twitter?! - JK Molina gives a Twitter MasterclassAdditional episodes you might enjoy:#79 What do Investors want? - Dig into an investor’s mind with Bradford Hardin#75 SBA Loan Secrets with Heather Endresen, expertise from a Billion-Dollar LoanerSubscribe to  weekly our Newsletter and get curated deals in your inboxAdvertise with us by clicking hereDo you love Acquanon and want to see our smiling faces? Subscribe to our Youtube channel.Do you enjoy our content? Rate our show!Follow us on Twitter @acquanon Learnings about small business acquisitions and operations.For inquiries or suggestions, email us at [email protected]