You will not get any of the "magic beans" even if they are successful. The gentleman on the other side of this agreement isn't necessarily trying to deceive you

You will not get any of the "magic beans" even if they are successful. The gentleman on the other side of this agreement isn't necessarily trying to deceive you - he may be just as ignorant as you in these matters. "I'll gladly pay you Tuesday for a hamburger today" never works out. They can write something down about the equity today if they wanted.