For the past year, I've been working as the sole developer of a product together with a cofounder who has a sales/marketing background.
We haven't signed an official contract, but we do have an agreement in writing (texts) about what the equity split is.
I've done a lot of work on this and we're now ready to go live with the product.
However, I'd like to take a step back from the product over the next year as I'm going back to study and I want to focus on other interests. I'm open to still being involved, just not as an active developer.
What are my options here for ensuring that if this startup is successful and gets sold, I still get a significant piece of the pie? Our equity split is 50-50.
I don't understand what the other cofounder has been doing this time, because it's too difficult to sell a product that still don't exist.
[1] Sorry if "unfair" sounds too agresive. But I think you must ask someone that is used to this cases how to split the equity. Also, it looks like you are not leaving the project completely, so it's more complicated.
The product you developed is a liability and needs maintenance. The only thing you can do is sell your share, which wouldn't be easy (thus proving my point).
in the event that the remaining founder is working to sell the product and grow the business while not drawing a salary, and without outside investment, it would be fair for that founder to be compensated with additional equity as if they were making cash investments equal to a reasonable wage for that founder, which would dilute the equity of other co-founders who were no longer working for the startup.
We used the Nolo books (the partnership has a great chapter about how to handle the situation where a partner wants to leave, which is good for giving you ideas about how to handle things like ownership buy backs, if someone dies or is disabled, etc) and a good lawyer.
It feels risky to spend money doing this for something that is "just an idea" but don't forget you'll be spending your time (which is more precious than money) for months or years on this project too.
I realize this doesn't help the OP, but maybe it'll help some folks before they start working together.
Ask them what they think is fair.
If you don't like what they say, hire a lawyer or let it go.
Good luck.
PS: All the profits are in the future and all the remaining work is in the future too. You are not committed to doing the remaining work. What do you think treats your partner fairly?