Am I missing something here? You’re in a sales position, but only get salary plus OT, what about commission? Do the sales managers get commission? If not, then its not a sales position, its a customer service position, or marketing position, whatever. But sales jobs imply that there is a salary plus commission which makes up the total earnings target. Where I work, the sales manager’s salary is a fraction higher than the sales reps, but their commission scale is based on a larger territory, so their net income potential is greater… otherwise they’d never be able to hire any managers. Your company seems backwards. How much does the CEO make, minimum wage?

There is no such thing as a promotion, with a pay cut. A promotion implies a pay raise. I took less money for a new job once, and regretted it forever, it took more than a decade to get back what I gave up financially. If the total, guaranteed earnings potential for this management position is less than what you make now, run like hell. You’d be gambling on a future windfall instead of taking the sure thing. A better idea would be to save the money at your current position, and take it to Vegas and gamble it all there, at least then you can control the odds.

Or better yet, save the money at your current position, and KEEP it, invest it! Money in the hand is worth a whole lot more than the risky potential for a little more later.
Have you calculated how much money you’ll need to make in the IPO just to get back to even? What comes after that?

Just my humble $.02. Good luck with your decision.