My situation is similar to where you might be a few years down the road. (This is long)
Some years ago, I was working at a relatively large aircraft modification facility. At the time, the consulting firm I presently work for was in a limited partnership with them. However, this consulting firm focused more on large commercial aircraft (Boeing, Airbus, etc.) while the modification facility was more business aircraft (Gulfstream, Falcon, etc.). As the climate changed, the consulting firm and the big mod shop parted ways. I was recruited by the consulting firm and, at the time, this represented a decent step up.
Working at the consulting firm has been great. I have absolute freedom to approach problems however I see fit. It's almost as good as having your own business with somebody else taking the underlying financial risk. Another plus is that, when you are down to a small team, there tends to be no "deadwood". Everyone needs to know their job and know it well. You have to function well as a team and you have to be able to rely on the other person's skills when the need arises. As an example, we had an engineer here for a while that, in my opinion, had excellent analytical skills. However, he really struggled with accessing "real world" situations involving design of repairs, mechanism, installations, etc. This person could sit in a cubie at Boeing or Lockheed or some similar large firm and most likely find a niche where he would do very well. In this environment, however, where your skills had to be more broad based, he just couldn't keep up. Eventually, he was let go.
So anyway, the point is that the autonomy and freedom of movement available at a small consulting firm is a huge plus provided you can take on the additional responsibility and skill variety required.
Now for a significant minus.
While working at this consulting firm, my wife and I have had two children. I currently have a 3 1/2 year old son and a 2 year old daughter. Small businesses are somewhat limited in the kind of benefits they can offer. With a young family, I'm starting to become aware of that. Furthermore, my father changed jobs a lot while I was young (climbing the corporate ladder kind of thing) so I was constantly changing schools. That really sucked and I'm hoping to not put my kids through that. So now, with my son rapidly approaching school age, I have to ask myself some pretty hard questions. Right now, because of my family, my needs have changed and, even though this is an outstanding consulting firm, I probably need to consider other options as well as think about where I'm going to be when my kids are in school.
Anyway, I hope this adds some further insights.
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Joseph K. Mooney
Director, Airframe Structures - FAA DER
Delta Engineering Corporation