A multi-stage flexible acrylic resin comprises a branched polymer which is a reaction product of reactants comprising one or more monoethylenically unsaturated ester monomers, a chain transfer agent in an amount of 0.1 to 10 wt. %, and a crosslinker in an amount of 0.1 to 10 wt. %, wherein wt. % is based on total amount of reactants, provided the amount of crosslinker in moles is less than the amount of chain transfer agent in moles. A process for producing the multi-stage flexible acrylic resin is also disclosed.