Born in Fes to an Moroccan Jewish family, his grandfather was a well known shoemaker in Casablanca, Morocco. Bensadoun moved to the United States for his post-secondary education. He attended Cornell University before relocating to Montreal and graduating from McGill University with a commerce degree in 1964. He worked at Yellow Shoes before founding the precursor to the ALDO Group in 1972 as a stand within the Le Château store in Montreal. Bensadoun is a recipient of the National Order of Quebec, an award for merit granted by the government of the province of Quebec, Canada., as well as recipient of the Ordre de Montréal, which recognizes the talents and achievements of the men and women who have helped shape the city.
Bensadoun has been married twice. His first wife was a Scottish Protestant; they had two sons: David (born 1970) and Douglas (born 1973). His second wife is Dianne Bibeau; they have a daughter, Daniela (born 1991). His son David is the CEO of The Aldo Group and is married to Isabelle Poirier. His son, Douglas, is general manager of design at Aldo.
In 2012, his son, David, along with Patrick Beaule were the first Canadian four wheel team to complete the Dakar Rally.