Thoughts? That I can't pay the bills with equity perhaps? :) If there's no liquidity event on the near horizon, I have no incentive to even join, let alone stay.
Colour me bitter, but if I'm going to work for peanuts, I'd rather do my own thing and have more control than I would as an optioned employee.
Minor equity (as opposed to the founder's equity) in a company that isn't going to flip (something built 37signals style) is of limited use to me, unless it's wildly profitable and paying out a considerable share of the profits.
Also, let me ask you why I'd ever want to hire you on as salary-only; you'd have no incentive to stay (I'm a big fan of splitting the equity pie to make sure everyone shares in the upside and have incentives aligned).
Thoughts?