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MenuSome questions you'll want to answer before moving ahead:
How strongly do you believe this idea can become a successful product?
Why do you think they approached you?
How comfortable do you feel running a company owned by someone else?
What happened in your previous CEO role?
What confidence level do you have in the founders?
I personally wouldn't take on such a role, because there's no way I would ever run a company I didn't own. Too much blood, sweat and tears need to be put in for the return of a salaried payoff. I know you're asking about equity but are they even open to giving you some? Around 20% is the minimum, one-third feels right. They're never going to give you more unless they are crazy or totally inexperienced.
And they are probably going to want to keep some aside for the CTO.
You do not want a failure under your belt so make sure this is a winner before you consider taking it on. The fact that they don't have a viable product with customers already sold to concerns me greatly.
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