Outback Steakhouse grew into a restaurant powerhouse by giving local managers ownership stakes and incentives to think like business owners. By 2006, the chain had expanded to more than 1,200 locations and generated billions in annual sales. Everything changed when a private equity firm acquired the company in 2007, just before the Great Recession began. The combination of heavy debt and the loss of the ownership culture that fueled its success would prove difficult to overcome. Watch the full video here: youtu.be/HEdhdnbp9lo #outbacksteakhouse #privateequity #restaurants #business #steakhouse