Being offered equity

[buckline]

This has probably been asked before but its not stopped anyone else before me, so here goes...

I have recently been approached to join another company and part of the deal on the table is equity in the business. This has been through an intermediary and I haven't got talking to the company just yet but it is of sufficient interest for me to progress things forward. Some necessary facts:

The business is well established, so I feel the risk on offer of equity is minimal
The team I would lead is underperforming so both they and I feel a difference can be made
The remaining lifespan of the business is 5-10 years before cashing out

I am mid 30's and have no real world idea about what I need to cover off when discussing with the company at hand. For those with experience, what should I ask about the equity offering, what would you challenge the senior management on and in your experience is their initial position negotiable?

Thanks in advance.

[buckline]

I am travelling and haven't had the time to review the responses in full but skimming. Huge thanks this far. Seems like a gift horse kind of situation. Will look into it and get back.

Thanks.

[buckline]

Nice to hear more positive feedback. I can't fully disclose information on company/industry as discussions are next week and despite best laid plans "walls have ears". I do work with the company in question already I know more than enough to be interested and ask the more pointed questions where necessary. The upside in salary and bonus far exceeds my current circumstances, so that will be covered. The equity side of things to which i am completely bloody clueless is as far as I am concerned the icing on the cake.

I am in a small pool of fairly static "talent" so these opportunities are hard to come by, but when they do its worth paying attention to. If taking all the above into consideration (I appreciate the good and the bad opinions) it's not right I can leverage my current position where I am and relax. The thing is, equity is viewed highly doing what I do and taking into consideration the above it may be worthwhile throwing caution to the wind.

I don't take decisions lightly. When all the necessary is laid out in front of me, who generally are the better advice givers (PH community aside) lawyers or accountants? I suspect I will lean on them before the final leap.

Thanks again.