That dev is now the CEO of the business:
- https://www.linkedin.com/in/rajesh-dhawan-68702388/
- https://www.paperlesspipeline.com/
So it must have worked at least once.
Dane used this process over ten times. Paperless Pipeline is probably the most successful example and semi-documented.
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I think if you offer an appealing opportunity, you don't have to offer the most money. There are many other things you can offer (as outlined in that PDF).
Recently I almost took a project for 40% of my normal rate. Fortunately things worked out and I negotiated 80% of my rate, even though I should probably increase my rate.
The document itself I agree has some parts which are a bit over-the-top but that's probably the case for all hiring advice. When you list the qualities of the perfect candidate out on paper it's guaranteed to look ridiculous.
https://web.archive.org/web/20131208173349/http://thefoundat...