Was manager of Buddy Holly and the Crickets when they hit fame.
While the business itself moved to downtown Clovis in the 1960s, Petty retained the original site, which later underwent restoration work for a documentary. Petty and his wife are buried in a cemetery just up the street from the first studio.
Petty's studio was innovative for its time, featuring mastering and disc-cutting equipment (which meant he could present finished, ready-to-press masters to record companies), and a small apartment where performers could stay between sessions. An on-site radio transmitter allowed artists to hear exactly what their music would sound like over the airwaves. Rather than an hourly rate, Petty would charge per finished recording, allowing for more experimentation than may have otherwise been possible.
One of the first independent music producers. Petty's earnings from songwriting and performing allowed him to own his own recording studio and office complex before he turned thirty. The echo chamber at his original Clovis studio was finished with tile laid by Buddy Holly and his father.