Also, is your partner on full time as well or still part time in your venture?
I have a co-founder that I'm starting a small business with and we frequently talk about what level of reduced salary we would accept to come on full time to grow the business.
Keith, my partner, has never been full-time. He's always been involved at about 5-10 hours per month, and that's still the case these days as well.
I have a blog post that talks about the pay cut side of things a bit on my blog. http://garrettdimon.com/post/34571624540/can-you-afford-a-pa...
Thanks for sharing your knowledge!