This empirical study evaluates the impact of faculty training in online teaching on perceived comfort, perceived effectiveness, and stress during the Emergency Transition to Online Learning (ETOL) caused by COVID‐19. Survey data revealed a positive relationship between training in online teaching and perceived effectiveness during the ETOL. However, this relationship is fully mediated by perceived comfort in teaching online, meaning training in online teaching significantly increased faculty perceived comfort, which in turn increased perceived effectiveness. Relative to their counterparts, faculty who agreed that the ETOL was stressful were significantly more likely to cite working from home distractions and a lack of physical resources as the greatest challenges. Going forward, our results suggest faculty should be trained in best practices in online teaching as a regular part of their development. Doing so would not only benefit online courses, but the tools used in online courses can also benefit faculty teaching in‐person courses. The emerging tools used in online courses can also serve to enhance teaching in emerging, technology‐based disciplines in business, such as digital marketing or business analytics. In addition to ongoing training, another best practice to prepare for a future ETOL would be to allow business school faculty to share what they have learned with other business faculty.