Quitting Job for Startup

I am thinking about quitting my current job with a good income / credentials (Fortune 50) to join a family startup elsewhere for a year before applying (Round 1 or 2) / starting to b-school for the Fall of 2011 (good opportunity for experience). Besides managing my current supervisor's recommendation, is there anything that I should be concerned about by doing this? I am curious if there are any negative consequences purely in the context of the b-school application process that I should consider before doing this. I would think this would look favorable if anything. Any feedback is greatly appreciated..