Entrepreneurial Exit as a Multi-Dimensional Phenomenon: The document emphasizes that entrepreneurial exit is not a single event but a complex process that occurs at multiple levels: the individual, the firm, and the macro-economic level. Crucially, it highlights the importance of distinguishing between the exit of the individual founder and the exit of the firm. The Founder as the Unit of Analysis: The research focuses on the perspective and motivations of individual founders when examining entrepreneurial exit, recognizing their unique role and experience compared to other types of business owners. Theoretical Perspectives on Exit: The document reviews various theoretical frameworks used to understand entrepreneurial exit, including Human Capital Theory, Threshold Theory, Theory of Planned Behaviour, Agency Theory, and notably, Identity Theory. It argues that existing theories, particularly those focused solely on economic drivers, have limitations in explaining the nuances of founder exit. The Role of Legacy and Identity: A central theme is the concept of "entrepreneurial legacy" and its deep connection to the founder's identity. Legacy is presented as a significant non-economic driver in exit decisions, influencing how founders wish their venture to endure and be remembered. Identity Theory and Founder Motivation: Identity theory, encompassing both role identity and social identity, is presented as a powerful lens for understanding founder motivations. It helps explain why founders might prioritize non-economic factors, such as the perpetuation of the firm's values and culture, in their exit decisions. Employee Ownership as a Legacy-Oriented Exit Strategy: The document explores employee ownership, specifically Employee Ownership Trusts (EOTs) in the UK and Employee Stock Ownership Plans (ESOPs) in the US, as a distinct exit channel that is particularly aligned with founders' desire to preserve their legacy and the firm's identity. Non-Economic Drivers in Exit Decisions: The research underscores the significance of non-economic factors, such as preserving firm culture, protecting employees, and maintaining the "imprint" of the founder, alongside financial considerations, in shaping exit choices. Challenges and Considerations in Employee Ownership Transitions: The document touches upon the practical aspects of EOT transfers, including the financing of such transactions, the founder's ongoing involvement and influence during the transition, and tax relief benefits associated with EOTs in the UK. Most Important Ideas/Facts: Distinction between Individual and Firm Exit: "Although the entrepreneurship literature has come to recognise the previous tendency to conflate...the exit of the individual entrepreneur with the exit of the firm...few empirical studies conceptually differentiate between them or consider their relationship." This highlights a critical gap in previous research that this work aims to address. DeTienne's Definition of Entrepreneurial Exit: DeTienne's (2010) definition, widely adopted, defines entrepreneurial exit as "the process by which founders leave the firm that they helped to create". This definition emphasizes the individual founder and their volitional act of removing themselves from the business. Legacy as a Motivational Factor: "Entrepreneurial legacy: identity theory" and subsequent chapters underscore legacy as a key driver. Founders' desire to leave a lasting impact on their firm, beyond just financial success, influences their exit decisions. Quotes like, "I wanted my story as a business owner to end in a way that would give me my cake and allow me to eat it as well. What I wanted to achieve was the business to last forever… I wanted to leave a legacy. Legacy, that word, it’s an important word in this," directly illustrate this motivation. Imprinting Theory: Founders "imprint" their firms by embedding their values, culture, and identity. This imprint is most impactful during the found