I am in the process of transitioning from self-employment to employee of the company I sold my business to.
After approximately 3/4 of a year I am satisfied with the decision. The frustrations are different than I expected, but about the same order of magnitude. The benefits are mostly, but not entirely, as I expected.
Surprisingly the "making your own decisions" isn't the factor I anticipated. This is partly because due to location (we are still in a separate office) and status we are moderately autonomous. This is also because in most bureaucracies anyone willing to make a decision will generally make things happen by taking advantage of the general inertia.
I hoped to get rid of all accounting and financial burdens. This is in process, and I'm slowly divesting myself of these burdens. That is the biggest benefit of the change. It is nice for my wife not to have to worry about loosing the house if a major project goes bad.
I do loose patience with the need for reporting and projections. I keep thinking "If you guys would shut up and let me do my thing I would be able to exceed your requirements."
The biggest challenge is the mental adjustment. I have worked to establish the attitude that I will treat my employer the way I wanted all of my employees to treat me back in the day. I have also established the attitude that it WILL be different, and the corporation is by the numbers of necessity. Further, they have to gear all systems to the lowest commong denominator, again of necessity.
There were a number of motivations for my switch. Obvioulsy financial compensation was one. A big factor was that I wanted to have something left to carry on with what I spent twnety years building. My wife, God bless her, had served her time helping me chase my dream and was past due for relief. Finally, I found myslef saying "I've done this before too many times" when confronted with problems. I concluded I was approaching burnout, and needed to cut the load (which hasn't really happend yet) and find new challenges (which has happened in spades).