Reddit mentions of Collective Genius: The Art and Practice of Leading Innovation

Regarding the GMAT - I studied for four months IIRC. Took a blind test at the beginning, a Kaplan practice CAT, and scored a 670. I used the Manhattan GMAT study guides (that comes with CATs), MGMAT Advanced Quant, the three Official Guides, the GMAC practice question bank and all the GMAC practice CAT's. I was able to get my score up to 750 on my first try.

Regarding what I think you should do - First, talk this through with your wife. This is a family decision, not just about you (as you're probably aware). There is greater risk to going for a full time program, but the benefits are arguably better, and to do what you want post-MBA you'll have to move around anyways. However, risk aside, there is also greater disruption to your family life, and you need to talk through with your wife to see what she would be okay with. What you need to balance are the needs of your family and the opportunities provided by going all in at a full time program.

Regarding your chances - If you're studying now then you aren't applying until next Fall, meaning that you have at least a year to work on your profile, and two years until matriculation. You need to decide on where you want to apply and why, and then look at specifically what those schools look for. All schools have some requirements in common, but all schools have a specific identity and fit, and so you need to figure out where you want to go and why. I would recommend doing a few things to improve your profile over the next year:

1. If your GMAT score is <730, take multiple courses through a community college or local university (and get straight A's) to build an alternative transcript. If it's =>730, then maybe just take one course for good measure.
   
   
2. You mention nothing of volunteer work. Get involved in a nonprofit that you're interested in, preferably on the board. Something you're passionate about, so your passion will come through in your desire to build the organization and move it forward. Volunteer work says a lot about you, and will also provide you with a solid leadership story.
   
   
3. Keep cracking at work. Remember that leadership isn't about your official job title or the number of people reporting to you. I would recommend reading Collective Genius by Linda Hill. Dr. Hill is the chair of Harvard Business School's Leadership Initiative and this is an amazing book on what makes great, innovative leaders. Try to lead in the style of this book, at work and in your volunteer work.
   
   
4. Identify your recommenders and start working on them now. This doesn't necessarily mean that you have to inform them of your decision to go to school now, but identify who you want them to be and start building a reputation with them. Start working on and recording examples of what they could write about as specifics.
   
   
5. Write down a detailed list of your current/past accomplishments at all your jobs and volunteer work. Keep this list meticulously updated. It will give you a wealth of information when filling out your applications.
   
   
6. Probably most importantly, get a better idea of what you want to do after your MBA, and why you need an MBA to do it. From what you've wrote here it's clear that you're not as far along that path as you should be.
   
   
   Hope this helps. I was where you are a year ago. I'm going through applications currently and so you're just starting down the same path I'm finishing. Feel free to respond with questions.