This article explores the factors influencing the entrepreneurial exit decision process (EED) of SME owners when they decide to transfer their business. Despite being a common occurrence, little research has focused on the decision-making process in this context. The analysis of fifteen cases of Quebec entrepreneurs allowed the identification of various individual, organizational and contextual factors, and above all, a better understanding of which stage of the decision-making process is most impacted by each factor. Our results highlight the different triggers of the EED process, the role of dynamic factors (which create delays or interruptions), as well as the contribution of the entrepreneur’s social network and external resources to the evaluation of his or her choices. An important contribution of our research is to highlight the non-linear and multiform nature of the decision-making process. These results raise the need to better support entrepreneurs in the preparation of their exit scenarios in relation to their motivations and exit objectives.