Before I accepted I put together a spreadsheet which calculated lost salary and opportunity costs versus potential return for a 2, 3 and 5 year period. I had to fudge some numbers but it was a really good exercise and recommend going through for your situation (ie: wife, house, future kids, etc...)
Regarding stock, some questions I asked along the way:
- How Many Shares / What percentage of company do I own? - What type of stock is it and what restrictions or exercise rights do I have. - How will my shares be diluted over time? - Can I see the term sheet being sent to potential investors?
After the calculations I was comfortable with the risk/return for me and did it.
But now 4 months later, they are out of money and starting Tuesday I'll be looking for something else.