Writing a business plan right before starting FT IBD

Although I've been a reader for a while, this is my first time posting on this site so I'd appreciate honest feedback. I'm thinking about taking on an opportunity with a brand new startup. At the moment, the only thing I've offered is to write the business plan. Two questions:

1) What should I ask for in return? A lump sum payment? Periodic payments based on company success? Shares in the company? or maybe a combination of all these?

2) Is it possible to be involved (albeit lightly) with a startup while working as a first year analyst in M&A? Has anyone had experience with this before?

I think this is a great opportunity with a proven and admirable CEO. Thanks in advance for your help.

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