This paper explores the roots of firm relocation through the lens of the differentiation of economic and institutional framework across countries. Specifically, it examines movements of small- and medium-sized enterprises from Greece to Bulgaria, by comparing the pre- and post-crisis socio-economic conditions between the two countries. A cultural political economy perspective facilitates a firm-focused approach to the analysis of distinct political economies by examining the business decisions for relocating. Drawing upon original data from a fieldwork survey conducted in 2014, it is demonstrated that firm relocation from Greece to Bulgaria has recently increased due to the divergence of the socio-economic conditions between the two countries in the aftermath of the 2007 global economic crisis. Firm relocation was not perceived as a solely economic decision; rather, it reflected several aspects of the Greek political economy. Overall, this paper highlights the crisis-driven disruption of the differentiation of distinct political economies through the study of business mobility.