The high practical relevance of entrepreneurial exit is underpinned by the fact that US$ 2.4 trillion of worldwide M&A deals took place only in 2013 (Thomson Reuters, 2013). Nevertheless, academic research on entrepreneurial exit has received increasing scholarly attention only in recent years. Both external and internal triggers (e.g., DeTienne & Cardon, 2008; 2012; Wennberg, Wiklund & DeTienne, 2010) have been found to influence entrepreneurs’ exit intentions and strategies.

This is the first study, however, to analyze environmental conditions and firms’ financial, human and technological resources that may imprint the firm at founding and their development over time with respect to their impact on entrepreneurs’ exit intentions and strategies.