It's the right time to implement your idea. Here are some special thing you should follow:
Well, I think most importantly, the deal needs to be fair for both parties. But given your detailed description, and the fact that you've poured your own personal finances into the company while he has not, then you should have a bigger piece of the pie.
That said, you don't want to make your co-founder feel disrespected or that his work is less valuable. Perhaps you start with the 65 percent/35 percent range, but tell him you're open to negotiations if he is able to create a proposal as to why he deserves to take x percent of the cut. I am definitely no expert in this field, but I think there is a fine line you need to walk here. You should make sure you are being compensated fairly, but you also need to assure your co-founder is as well.
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