Agreed on the first point. That's why my example is more like someone who for whatever reason (kids probably) is ready to trade the ups and downs of entrepreneurship for a steady high-level job.

To your second point: Is that true of most b-school professors? I honestly don't know, but I think some if not most have some good experience. The guy who taught me finance rocketed up the ranks for Coke, ran the operations of a multinational region, and retired to teach while in his 40s.

My international business professor, however, was an insufferable douche who had no real-world experience that I know of.