I might be in the minority here, but I wouldn't bend over backwards to make it work.
If someone believes in what you're building and sees the opportunity, there has to be some give and take from both sides. If the relationship starts with one person squeezing every last dollar out of the other, that's not a great foundation.
Obviously everyone deserves to be paid fairly, and if he's already making significantly more elsewhere, I don't blame him for staying put. But I also wouldn't stretch my business beyond what it can sustainably afford just to land one employee.
Sometimes the best hire is the person who's excited to grow with you, not the one who needs to be convinced to join it.
