Is an ESOP the Correct Exit Strategy for Your Business? With Kevin Vonderau and Dan Bender (Ep. 8)


Is an ESOP the Correct Exit Strategy for Your Business? With Kevin Vonderau and Dan Bender (Ep. 8)

By , March 21, 2023




Employee stock opportunity plans aren’t just for employees as the name suggests. Business owners can benefit from ESOPs just as much.

In this episode, Mark Dorman is joined by Kevin Vonderau, Executive Vice President and Chief Lending Officer of Westfield Bank, and Dan Bender, Senior Vice President at Westfield Bank, in discussing the role of ESOPs in business planning both for business owners looking to exit their business and their employee’s retirement plans.

Kevin and Dan discuss:

  • What ESOP stands for and how it fits within business planning
  • How ESOPs work for employees versus business owners
  • What a leveraged ESOP is and the bank’s role in those types of ESOPs
  • Top five industries that benefit from including ESOPs
  • And more


Connect with Kevin Vonderau:

Connect with Dan Bender:

Connect with Mark Dorman:

LinkedIn: Mark Dorman 
Website: Succession Planning & Business Advisory Services | Succession Plus US
Email Mark:
LinkedIn: Succession Plus USA
Facebook: Succession Plus USA
Call: (330) 350-5410

About our Guests:

Kevin Vonderau has been meeting the banking needs of clients in Northeast Ohio for over 25 years. During that time, he has gained a broad understanding of the services and products that they offer to solve their client’s financial needs. This deep knowledge and experience allows Kevin to not only create solutions for his customers but also gives him the expertise to help them avoid or overcome obstacles. At Westfield, they know that in business, it’s all about networking. Kevin look for ways to help his customers build their contact base. Through various events, many of which they host here on the Westfield campus, and his network of trusted colleagues, he is able to connect his customers with experts outside of the banking industry who can help them grow their businesses and plan for their future.

Dan Bender is an experienced Commercial Relationship Manager with Business Banking and Middle-Market experience in the Greater Cleveland area. His expertise includes establishing credit facilities for working capital, capital expenditures, business acquisitions, and real estate purchases and refinancing. He also maintains commercial relationships for non-borrowing customers who require treasury management services.

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