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no way in hell would I do that! Trying to get someone to pay you for something for the next 3 years is dumb. The only way I would do anything like this is if he paid $45k up front and 15k over the next 3 years. That way you have most of your money already and if he doesn't pay on it you are still better off and you can decide if it's worth taking him to court for the rest.
Also what happens even if you think he is honest and he goes into it with the best intentions but 3 mos after he takes over the biz he fucks it up and it starts making 15% of what you were able to make from the site. Do you think he will still pay you $45k for it?
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