American Systems opened for business in 1975 and transitioned to an employee stock ownership plan 15 years later, a model that makes it one of the market’s largest 100% ESOP companies.

CEO John Steckel joins for this episode to help mark American Systems’ 50th anniversary and explains some moves it has made this year to set the company up for the next 50, including its largest-ever acquisition.

In talking with our Ross Wilkers, Steckel lays out what the purchase of Epsilon brings to American Systems and larger trends in managed services that led to the transaction. Secured data centers are part of that equation too and increasingly reflect larger conversations in society, as Steckel explains.

Of course, American Systems’ status as an ESOP features in the conversation too. American Systems (No. 87) is one of three ESOP companies on the 2025 WT Top 100 ranking alongside Torch Technologies (No. 66) and DCS Corp. (No. 77).

In his Nov. 7 address to industry, Defense Secretary Pete Hegseth laid out what the U.S. military wants from its contractors and wholesale changes the Pentagon is carrying out to make agile acquisitions a reality.

Lauren Williams, senior editor at Defense One who covers the industrial base, was there in-person and joins our Ross Wilkers for this episode to walk through those structural changes that prior Defense Department leaders have spoken about for years.

One major theme of that dialogue has been DOD’s desire to have more commercial technologies, which has been easier said than done. But as Lauren explains, the push to “go commercial” is more than just about the product being bought.

Also on this episode’s discussion agenda: what the defense industrial base has been up to during the shutdown and why prototyping is becoming more popular across the ecosystem.

Unveiling acquisition overhaul, Hegseth tells industry to get with the program

Defense tech companies will weather the shutdown. But what happens next?

Experts see promise, risk in Pentagon’s draft acquisition reforms

Meet the White House pick to conquer the ‘Valley of Death’

With cautious optimism, some defense firms lock in on prototypes to drive demand

The 2025 government shutdown is on-record as the largest ever at 43 days, which means the recovery period will last well into the spring and presents a risky environment for contractors to operate in.

Christine Williamson, a partner in the GovCon industry advisory practice at CohnReznick, joins for this episode to walk through five risks she and her colleague Kristen Soles identified as ones companies must watch out for and ways for responding to them.

As Williamson tells our Ross Wilkers, there is much excitement across the entire ecosystem to get back to work and understanding there is a long road ahead to get government’s engine back to where it was pre-shutdown.

The article Williamson and Soles co-authored is below to read along during the conversation.

Government shutdown FAQ for contractors: Today’s risks and what’s next

Commence is a newish company looking to help federal agencies, state and local governments, and private sector entities harness technology with the goal of helping care providers make better decisions.

Ian Checcio, chief growth officer at Commence, joins for this episode to go over how the company has come together over 12 months with Pleasant Land’s backing and that vision of further enabling doctors and nurses.

No image describes the current difficulties health care providers face in their data collection and management practices than the fax machine and clipboard, on which every new patient fills out everything about themselves.

As Checcio explains to our Ross Wilkers, Commence’s federal and other customers are up against inertia that has built up over several years. But there have also never been more tech tools available to help in that effort and desire by customers to reverse the inertia.

Amentum is marking one year since its merger with Jacobs' government businesses to create a $14 billion-annual revenue company whose strategy centers around engineering and technology.

CEO John Heller joins our Nick Wakeman for this episode to discuss how Amentum has positioned for opportunities in high-growth markets including space systems, nuclear energy and multi-domain defense.

As Heller explains, nuclear engineering expertise is becoming more sought-after as artificial intelligence drives demand for power generation at scale.

The company is also focused on space-based infrastructure for working and living beyond Earth, along with potential opportunities in the Golden Dome missile defense program.

WT 360: Where Amentum wants to go next following its big merger

Amentum shows part of its hand for Golden Dome and nuclear power

A reader's guide to 'New Amentum' on its launch day

Amentum's blueprint as a public company

New Jacobs, Amentum creation puts focus on large enterprise contracts

Jacobs, Amentum unveil transaction to form a new public company

The business of federal contracting does not entirely come to a halt during government shutdowns, and arguably picks up in other ways, but financial concerns certainly remain paramount for all companies.

Phil Poliquin is a market executive for J.P. Morgan Commercial Banking’s aerospace, defense and government services team. He is our guest for this week’s episode to go over some general guidelines for contractors on how to navigate the shutdown and stay ready for the reopening of government, plus thrive afterward.

The GovCon ecosystem has gone through about 10 months of stress testing before the shutdown, as Poliquin often reminds clients of. What teams like Poliquin’s want and need to hear from contractors also features in the conversation with our Ross Wilkers.