[flexcoders] Capture custom component event in parent application (application.mxml)

[sleblang]

What's the best way to capture an event (i.e. button click) from a
custom component in a parent container. Would I want to have the button
click event call a handler in the component and then from the handler
dispatch a custom event or is there a better way? Here's some code to
help illustrate:
     //CustomComponent
      <mx:Script>
         <![CDATA[

            public function exitHandler(event:MouseEvent):void {

                var myEventObj:Event = new Event( "myCustomEvent" );
                dispatchEvent( myEventObj );
            }
         ]]>
     </mx:Script>

     <mx:Metadata>
        [ Event( name="myCustomEvent", type="flash.events.Event") ]
     </mx:Metadata>

     <mx:Button id="" label="Cancel" width="65" textAlign="center"
click="exitHandler()"/>
     // End CustomComponent

     // parent container (i.e. Application.mxml)
     <mx:Script>
         <![CDATA[

            public function someEventHandler(event:MouseEvent):void {

               // execute ....
            }
         ]]>
     </mx:Script>

     <sx:CustomComponent myCustomEvent="someEventHandler()" />

Thanks for the assistance.