As others have said, you'll need to talk to him. And focus on what does he want, and what does he think is fair. He can't expect to keep his share of the company, while also bailing on you, but most people don't think like this anyway. If your working relation was good, and he wants the company to succeed, he won't play hardball. Which means that you also don't need to get into the conversation with your guard up. Just talk to him, and be a decent human being.
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