Month: March 2023
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)

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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

Resources:

Connect with Kevin Vonderau:

Connect with Dan Bender:

Connect with Mark Dorman: 

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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Trapped in the Family Business with Dr. Michael Klein (Ep. 7)

Trapped in the Family Business with Dr. Michael Klein (Ep. 7)

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Joining the family business can be an easy way to start a career. But is it the career you want? And how can you explore new opportunities within the singular business? 

In this episode, Mark Dorman speaks with Dr. Michael Klein, President of MK Insights and author of Trapped in the Family Business, on how multigenerational businesses trap family members with the expectation of joining the family business.

Dr. Michael unpacks: 

  • How do family members become trapped in the family business
  • What influence family members have on the next generation’s career path
  • Why previous generations need to take a step back from controlling the business
  • What current businesses are doing to provide future generations an opportunity for personal growth within and outside of the business
  • And more

Resources:

Connect with Mark Dorman: 

Connect with Dr. Michael Klein:

About our Guest:

Dr. Michael Klein has been a workplace consultant and advisor to individuals and organizations for over 20 years. He has worked with privately and publicly held businesses in industries including pharmaceuticals, insurance, entertainment, banking, construction, logistics, education, forestry, retail, publishing, hospitality, manufacturing, and healthcare. 

Michael has held positions in Organizational Development, Human Resources, and served as a Director of Advisor Training & Development at MassMutual Financial Group. Dr. Klein published “Trapped in the Family Business,” to assist individual family members in understanding, managing and taking control of their professional and personal lives when other family members are involved. He also has created and managed development processes for executives, sales leaders and other professionals.

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