Hi Superoldman,
First, I fully support your dream to go to US business school. Every one might have dreams, and it's great to try to realize them when you even missed the best time!
Second, I am in an EU business school, which is comparable to top 10 in US. In my class, there are at least 2-3 classmates above 40 years old. One is CEO of a US VC, the other is CEO of an EU consulting firm. I believe they come to school either for a break or really want to learn sth. Therefore, if you can prove that your 20 years experience is very valuable to the school as well as to your future career, you can still enter top schools.
Third, as to schools, I think you should try top 10 US or LBS/IMD/Insead. Though you need to pay more, you get more from professors, classmates and networking with companies.
Finally, as to career development, there are possible options: investment bank/investment management, consulting, industrial and VC/entrapreneur. You are too old for investment banks, maybe lack experience to join investment firm, lack forturn 500 experience to join consulting/industrial. Possibly one of the best option for you is to join Venture capital or even set up company by yourself or with friends. Under this option, you long operational experience in certain industries (esp. if you work in technology industry) will become very valuable.
Gook luck!
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