It makes sense in theory, especially if it’s a bootstrapped company with just a few founders.
But in practice, a long vesting schedule with a significant cliff does most of the work for you.
This will automatically redistribute all or most of a departing founders’ stock to the other founders and shareholders.
A long founding vesting schedule and a true cliff incents the founders going for it for the long haul.
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More here: https://www.saastr.com/a-simple-…
I do believe that in certain situations founders should have an option or repurchase right on another founder’s equity. If a founder washes out after investors have begun to participate then the benefit of reverse dilution accrues to investors as well. Was in a situation once where 3 of four founders washed out over time and this literally changed the implied pre-money valuation of our Series-A dramatically. I can see arguments in either direction.