Any technical cofounders here? I've been offered to be a technical co-founder for a new venture. This is a venture that has the same founding team as the startup I'm working with for last 3 years or so. The current venture may be acquired in the near future with the founding team exiting.

Now my question (s) are these:
1. I know the team. We're friendly. But until now the relationship has been that of an employer-employee. What all should i consider before taking this up?
2. Since founders generally take up salaries only what is required for them to sustain. It would mean a financial cut for me too. So I'm stuck in the dilemma of moving towards an entrepreneurial route vs if it fails and I've to work again i may have to start off with a lower salary in the future.

I'm a risk taker (some call it seeker) when it comes to that. Looking forward for some helpful suggestions.