Some great advice.  However, I prefer to avoid "big reveal" type of offers and instead adopt clarity from the time you consider that the candidate to be a finalist.  The ideal scenario for hiring a critical employee is one without surprises:  the candidate knows that an offer is coming, they know that the founder is trying to put together a compelling package within financial constraints, they know those constraints because the candidate has met investors and has a clear sense of the business.  There should be discussion of current compensation, risk preference (equity vs cash), and the "pre-close" conversation.  That is, "If I'm able to get you $175K + 20% bonus and .5% of the company, is that something you'd find appealing?"  If they waffle, you have more selling to do.

Recruiting is giving a preview of a working relationship; you'll learn a lot by going through a process in the way you'd solve a work problem together in the future.