I would draw up a quote on how much you would charge for the work, submit that to him and say that you're open to discuss equity arrangements.
Then you can make a decision based on how much you want to risk.
Without knowing the whole situation, I personally would lean towards taking cash. Offers like this are a dime a dozen. If you want to work for equity, there's tons of people looking for a technical co-founder. I would reserve taking equity for situations where you play a more active part in the direction of the business.
I'd add that a mix of (vesting) equity and cash may be a good outcome of the discussion if you can spend a significant amount of time on the project for a while (1+ years). If you don't want to spend that kind of time on this, then the equity doesn't seem like a great idea.
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I would draw up a quote on how much you would charge for the work, submit that to him and say that you're open to discuss equity arrangements.
Then you can make a decision based on how much you want to risk.
Without knowing the whole situation, I personally would lean towards taking cash. Offers like this are a dime a dozen. If you want to work for equity, there's tons of people looking for a technical co-founder. I would reserve taking equity for situations where you play a more active part in the direction of the business.
Good plan.
I'd add that a mix of (vesting) equity and cash may be a good outcome of the discussion if you can spend a significant amount of time on the project for a while (1+ years). If you don't want to spend that kind of time on this, then the equity doesn't seem like a great idea.