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 Loaner