Processes for selectively alkylating and/or dealkylating one ring of cyclohexylbenzyl and/or biphenyl compounds are provided. Such selective alkylation and/or dealkylation takes place through a transalkylation reaction between the cyclohexylbenzyl compound and a substituted or unsubstituted benzene, which replaces the phenyl moiety of the cyclohexylbenzyl compound. The transalkylated cyclohexylbenzyl may be dehydrogenated to give a corresponding biphenyl compound. The same reaction steps can be utilized with respect to biphenyl compounds by first partially hydrogenating one phenyl ring of the biphenyl compound, thereby obtaining a corresponding cyclohexylbenzyl compound, which may undergo the transalkylation and, optionally, subsequent dehydrogenation. Combinations of any two or more of partial hydrogenation, transalkylation, and dehydrogenation enable targeted substitution (or de-substitution) of only one ring of cyclohexylbenzyl and/or biphenyl compounds, thereby providing superior control in designing the synthesis of these compounds.