Entrepreneurial exit is a critical component of the entrepreneurial process and one of the distinctive domains of entrepreneurship research. Yet, the academic research is relatively sparse compared to other components of the entrepreneurial process. Following leaders in the field, we approach entrepreneurial exit as a multi-level phenomenon (Wennberg, 2009) and propose that entrepreneurial exit varies on two dimensions (firm exit and founder exit). Our model consists of three potential exit outcomes which we define as entrepreneurial culmination (both firm and founder exit the market), entrepreneurial departure (the founder exits the firm, but the firm remains in the market), and entrepreneurial recycling (Mason & Harrison, 2006) (the firm exits the market, but the founder remains engaged in entrepreneurial activity).