We've already gone through the DD process with him and his lawyer, and a new shareholder's agreement has been drafted. It has verbiage in it that basically allows him to come on as a voting shareholder, with the ability to ascend to a director once he feels "he is ready".
His readiness is mostly contingent on industry knowledge. We're in a space that is largely unknown to him, and he wants to take the time to bring himself up to speed before taking a more active role in the company.
One of the reasons we're feeling trepidatious is that we haven't spoken to the man since August, save two email. The rest of our interactions have been with his lawyer, who, while civil, has been a bit onerous to work with.
We're just not sure if this is an indication of how our relationship will work going forward, or if this is merely a difficult courtship period that could result in a truly beneficial working relationship down the road.