Entrepreneurial Exit: Research Perspectives and Challenges (Wyjscie przedsiebiorcy – perspektywy i wyzwania badawcze)

The objective of this paper is to characterize selected dimensions of the phenomenon of entrepreneurial exit from the perspective of strategies other than succession in a family business. An overview of world topical literature presenting research results in this area was made to this end. The analysis took into account dimensions such as a definition of the phenomenon, identification of the motives of the exiting entrepreneur, and identification of exit strategy and factors leading to its choice as well as indications of the potential effects of its implementation. Pursuant to the conducted analysis, it may be stated that entrepreneurial exit should be understood as the “severing” of current ownership ties and the ceasing of any managerial functions in the company. Such a departure may take place by way of various exit strategies. In general, these strategies may be subdivided into those that guarantee the continued operations of the company (on the same or other market) and those whose implementation causes it to pass into business oblivion. The first group includes management buy-out, employee buy-out, mergers and acquisitions, and sale of the company or its public offering on the stock market. The basic strategy of the second group is the liquidation of the company (voluntary or involuntary). Selection of a given strategy is determined by factors related to the person of the entrepreneur and of the company itself. It is not only the departing entrepreneur who incurs the effects of the selected exit strategy. It also has an impact on the company and its stakeholders.