In this episode of TheMilVet Podcast, host Beau Higgins sits down with Stockton Croft, Founding Partner of Eagle Merchant Partners, to discuss his journey into private equity, the lessons learned from entrepreneurship, and why great businesses are ultimately built by great people.
Stockton reflects on his unconventional path from the University of Virginia to Wall Street, through consulting and operating roles, before taking the leap into entrepreneurship. He shares the highs and lows of buying and building his own company, the challenges of leading through adversity, and how those experiences ultimately shaped his philosophy as a private equity investor.
The conversation explores what separates successful founders from everyone else, why self-awareness matters when choosing your career path, and how veterans bring unique strengths to private equity-backed companies through leadership, discipline, and operational excellence.
Listeners will gain insight into:
• Building a career in investment banking and private equity
• The transition from Wall Street to entrepreneurship
• Why taking calculated risks is essential for long-term success
• The "Groom, Jockey, or Horse" framework for thinking about your career
• Lessons learned from buying, operating, and growing a business
• Navigating failure, uncertainty, and business turnarounds
• Why resilience and grit separate exceptional leaders
• How veterans create value inside private equity portfolio companies
• The importance of process, structure, and operational discipline
• Why people, not spreadsheets, drive investment success
• How to evaluate leadership teams before making investment decisions
• The qualities private equity firms look for in CEOs
• Why great leaders attract talented people who want to follow them
• Mentorship, succession planning, and building organizations that outlast their founders
• Practical advice for professionals interested in private equity, entrepreneurship, and investing
Stockton also shares valuable lessons from nearly three decades of investing and operating businesses, explaining why his perspective evolved from focusing on financial analysis to recognizing that leadership and talent ultimately determine the success of every investment. His reflections on risk tolerance, self-awareness, and continuous learning offer practical guidance for anyone considering entrepreneurship or a career in private equity.
Whether you're preparing for military transition, interested in private equity or entrepreneurship, or simply looking to become a stronger leader, this episode offers timeless lessons on resilience, calculated risk-taking, leadership, and building organizations through great people.
🎧 Subscribe on Apple Podcasts, Spotify, and YouTube for more conversations helping veterans succeed in private equity, entrepreneurship, executive leadership, and business.
Thanks for listening!
Here's how you can find us to continue the conversation:
Tweet us at @brendan_aronson
Follow us on Instagram at @themilitaryvet
Subscribe to our Weekly Newsletter at https://www.themilvet.org/resources-for-veterans
Check out our video content on Youtube at https://www.youtube.com/@themilitaryvet