An exit strategy refers to a plan that outlines how a person or an organization will withdraw from an investment, venture, or business. Some common synonyms for the term include contingency plan, evacuation plan, retreat plan, and withdrawal plan. Other related terms include disinvestment, divestment, liquidation, and secession. In essence, these synonyms all relate to the concept of leaving a situation or relationship in a strategic and thoughtful manner. It is important for individuals and organizations to have an exit strategy in place to avoid unnecessary losses and ensure a smooth transition.