Hi Karen. I run across this all of the time when I advise all different types of start-ups. The 1st thing that both you and your investor need to do is understand the difference between the terms "investment" and "business development". If you can do that, then this scenario might work for you:
1) For $60,000 you might want to structure a FIFO deal (First In, First Out). You will allow for an investment of 60K paying 10 to 15% interest. Based on your business plan, you should be able to predict when a note like this should be able to be paid off;
2) As collateral you will pledge 60% of your company;
3) Once the note is paid back, you will get back 55% of your company allowing the investor to keep 5% as good faith.
This is just one of a million different ways to creatively structure a deal whereas the investor gets what he/she wants, and you get what you want. The main thing is that you communicate with your investor...they might not want the 60% in perpetuity, but just as collateral as you grow the business. If this is the case, then structure the deal accordingly, if not, then you must re-think the structure of a deal that you can live with...and there are a million more different ways to do that. Hope this helps? Good Luck!