Polyol polyesters useful as nondigestible fat substitutes are prepared by improved heterogeneous interesterification processes between fatty acid esters of easily removable alcohol and polyol characterized by having one or more improvements such as using low levels of soap emulsifying agent, catalyst, and/or excess fatty acid ester; reducing the size of the polyol by mechanical means; removing extraneous particulate material during the reaction; using low temperature and/or high pressure and compensating by increasing the mass transfer area; and/or using backmixing in the initial stage(s) and plug-flow conditions in the final stage(s).