You need to separate the analysis: 1. What he/she gets as part of investing capital in the company (and whether that's going to be equity or debt) 2. What he/

You need to separate the analysis: 1. What he/she gets as part of investing capital in the company (and whether that's going to be equity or debt) 2. What he/she gets as part of having an operating role in the company. The good news is that this happened now (vs. later). The bad news is it sucks to lose a co-founder.