Speech foundation models have achieved state-of-the-art (SoTA) performance across various tasks, such as automatic speech recognition (ASR) in hundreds of languages. However, multi-speaker ASR remains a challenging task for these models due to data scarcity and sparsity. In this paper, we present approaches to enable speech foundation models to process and understand multi-speaker speech with limited training data. Specifically, we adapt a speech foundation model for the multi-speaker ASR task using only telephonic data. Remarkably, the adapted model also performs well on meeting data without any fine-tuning, demonstrating the generalization ability of our approach. We conduct several ablation studies to analyze the impact of different parameters and strategies on model performance. Our findings highlight the effectiveness of our methods. Results show that less parameters give better overall cpWER, which, although counter-intuitive, provides insights into adapting speech foundation models for multi-speaker ASR tasks with minimal annotated data.