Ask HN: Retracting an offer for Co-Foundership

Hey guys, I could really use your advice. I worked with this guy for about six or eight months at my day job. Great guy, not a lot of experience coding but produced some solid work. We worked as a great team and I really liked his thinking.

I asked him if he wanted to join my startup and after a few weeks of great energy discussing it, he told me he'd like to be CTO. I really enjoyed working with him so I said we could see how it goes but if all goes well I would be happy to let him join me as a co-founder.

Shortly after this my dad got sick and I had to fly home to help my mom, he passed away but it took a month longer than anyone had expected. When I got back I thanked him for his patience and told him I'd thought everything and was willing to offer him 40%, with vested shares. We agreed to do up the contracts and things just started to get ugly.

I met his dad who offered to help us connect us to his network and began to notice some red flags. His dad dad had run a small business for years and was a pretty average small business man. He had invested in a startup his brother's company early and ruthlessly cut his brother out of it- and then hired a CEO that is super lazy and running the place into the ground just to make a dime. He truly believes that all businesses are this ruthless.

His dad sees dollar signs and short term profits. All they talk about is getting rich and they seem to have a really jaded, get rich quick attitude.

I just see a lot of red flags approaching, he talks more about his retirement than he does building the business. He's also thought of two other business ideas in the last two weeks.

I'd like to retract my offer. I'm not going to use any of his code or ideas. Other than an injured relationship what can I expect? Has anyone done this?