This is a big part of the reason I'm doing a startup. I worked for a company pre-IPO (back on the good 'ol days) and saw very little actual cash.

I'm paying for the sins of others now: I have heard nothing but snickers or outright laughter when I offer equity.

Net-net: single founder, no chance of getting any real talent on board (I'm way past the college buddy thing), all taxes and fees, like incorporation, due up front, my wife is about to divorce me because of the stress.

But, I would still rather do the startup than anything else. At least I have a chance to make some big money, whereas that chance is near zero at a job.