Despite its high importance and widespread occurrence, entrepreneurial exit remains an under-researched topic in entrepreneurship literature. The current body of knowledge on entrepreneurial exit is fragmented, with multiple definitions, phases, contextualization, and interpretations. This study synthesizes the entrepreneurial exit literature through a systematic review and content analysis of 103 articles, clarifying the conditions under which entrepreneurial exit is viewed positively or negatively. It proposes a novel multiphase phenomenological framework that integrates diverse perspectives, offering a clearer understanding of the current research and guiding future inquiries in this important topic.
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