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Shaylor R. Steele

Partner
Cleveland
T.
216.363.4495
liamE
"[Shaylor is] accessible, quick to respond, creative in his ideas and very knowledgeable." - Chambers USA
"[Shaylor is] accessible, quick to respond, creative in his ideas and very knowledgeable." - Chambers USA

Shaylor is a nationally recognized authority in qualified retirement plans and, specifically, employee stock ownership plans (ESOPs). With more than 20 years of experience advising companies, trustees, and fiduciaries on the design, implementation, and ongoing administration of employee stock ownership plans, he has represented clients in over 100 ESOP transactions, including initial formations, leveraged and non-leveraged transactions, refinancings, and post-transaction restructurings.

Shaylor regularly counsels clients throughout the full ESOP lifecycle—from structuring, through transaction execution and closing, to ongoing ERISA compliance, plan administration, and fiduciary matters. His practice spans both transactional and regulatory aspects of ESOPs, allowing him to provide integrated, practical advice tailored to each client’s objectives.

Clients value Shaylor’s ability to distill highly complex ERISA, tax, and corporate law issues into clear, understandable guidance. He is known for helping business owners, executives, and trustees understand not only the technical requirements of ESOPs, but also their practical implications and long-term strategic impact.

Shaylor is deeply committed to employee ownership and the role ESOPs play in promoting sustainable growth, succession planning, and employee engagement. He approaches each engagement with a focus on clarity, collaboration, and delivering solutions that support both compliance and long-term success.

REPRESENTATIVE EXPERIENCE

ESOP Experience

  • Represented dozens of companies in their transition to becoming partially or wholly owned by an employee stock ownership plan.
  • Represented several ESOP-owned companies in selling stock to private equity funds and terminating the ESOP.
  • Represented lenders in credit facilities for ESOP-owned companies.
  • Represented company that sold a majority stake in its ESOP-owned business to private equity – M&A Advisor 2018 Deal of the Year, Ohio Employee Ownership Center 2018 ESOP Impact Award.
  • Successfully represented ESOP-owned companies in several DOL investigations.
  • Successfully resolved alleged breach of fiduciary duty claims brought by U.S. Department of Labor against an ESOP-owned company related to the valuation of employer securities – featured in The ESOP Report, published by The ESOP Association.
  • Represented several trustees in acquiring stock through employee stock ownership plans.

Representative Experience

  • Represented the buyer in its acquisition of the majority interest in a plumbing and HVAC repair and contracting company located in Tennessee.

  • Represented a steel manufacturing company in a $22 million sale of its alloy extrusions businesses to a strategic purchaser.
  • Represented buyer in its acquisition of a disaster restoration services company from an ESOP.
  • Represented Norwalk Furniture in a transaction to give ownership to its employees through an employee stock ownership plan, or ESOP.
  • ​Represented sellers in the sale of their industrial and commercial plumbing and HVAC service businesses.
  • ​Represented the sellers in the sale of ALICE Training Institute, an active shooter training solution and preparedness education program for organizations.
  • Represented Gridiron Capital Partners in its acquisition of Remington Products Company, a leading specialty designer and manufacturer of branded and private label orthotic solutions, including foot beds/insoles, foot care products, orthopedic braces, sports supports and safety/ergonomic products. The target company was 100% owned by the Remington Products Company Employee Stock Ownership Plan and Trust, making for a complex structure.
  • Executive Compensation & Benefits
  • Corporate
  • Cannabis
  • Case Western Reserve University School of Law, 2006, J.D.
  • Trinity College, 2002, B.S., Mechanical Engineering and Applied Mathematics
  • Ohio
  • U.S. District Court for the Northern District of Ohio
  • Listed, The Best Lawyers in America®,  Employee Benefits (ERISA) Law, 2020-2026
  • Listed, Chambers USA, Employee Benefits & Compensation, 2018-2020, 2022
  • Listed, Super Lawyers - Rising Stars 2011, 2013, 2016
  • Member, American Bar Association
  • Member, Cleveland Metropolitan Bar Association
  • Employee Stock Ownership Plan (ESOP) Association
  • Board Member, Advantage Cleveland
  • Former Board Member, Leukemia & Lymphoma Society, Northern Ohio Chapter
  • Member, Worldwide Employee Benefits Network, Cleveland Chapter
  • Leadership Circle, United Way of Greater Cleveland
  • Cabinet Member, GeneratioNext (2006-2009)

Highlights

Articles and Presentations
September 12, 2022
Post-Dobbs Update: What Every Employer Needs to Know Now - Presentation Slides
September 7, 2022
Post-Dobbs Updates – What Every Employer Needs to Know Now | Holly F. Gross, Margo Wolf O'Donnell, Yelena G. Katz, Shaylor Steele, Ryan T. Sulkin, and Mark J. Silberman
May 11, 2020
Benesch COVID-19 Resource Center: DOL and Treasury Provide Relief from Certain ERISA Deadlines for Benefit Plans and Participants

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News
August 21, 2025
129 Benesch Attorneys Recognized in 2026 Best Lawyers® Rankings
August 15, 2024
132 Benesch Attorneys Recognized in 2025 Best Lawyers® Rankings
August 17, 2023
Best Lawyers in America® Rankings 2024

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