Abstract: This invention relates to a process for conducting equilibrium-limited reactions, such as esterification and alcoholysis reactions, that uses two reaction zones. The first reaction zone operates under reaction conditions that retain at least a portion of the product in a liquid phase, and at least a portion of the liquid from the first reaction zone is introduced into a second reaction zone which operates under conditions sufficient to crack heavies, for example, Michael-addition heavies, formed in or introduced into said second reaction zone and to vaporize at least a portion of the product upon production thereof. Such a process allows for removal of product from the reaction system while catalyst desirably remains in the reaction system.