I've been in 2 startups that didn't have cash for payroll.
Startup #1: The CEO took payroll out of his own personal credit cards and paid us all anyway. That startup went public and grew to be very successful.
Startup #2: The CEO was already a millionaire, but wouldn't put in a cent of his own money. That startup failed.
In short, if the CEO cannot find a way to pay you, then he isn't cut out to be the CEO. Don't leave because payroll was missed -- Leave because the leadership isn't there. But by all means, LEAVE.
This is very good advice. I worked for a small start-up when I entered the industry. After two years, due in part to factors outside of the company's control, things started to look bleak. One of the founders, my boss (and the only other programmer) pulled me aside and explained everything to me (the other founder talked to the sales and marketing guys). He told me I was free to walk away, and he would gladly recommend my work. Or, I could stay on, work part-time for the company and part-time for his consulting business (this was the primary source of his income while he did the start-up). I really appreciated how upfront the founders were about the situation.
Startup #1: The CEO took payroll out of his own personal credit cards and paid us all anyway. That startup went public and grew to be very successful.
Startup #2: The CEO was already a millionaire, but wouldn't put in a cent of his own money. That startup failed.
In short, if the CEO cannot find a way to pay you, then he isn't cut out to be the CEO. Don't leave because payroll was missed -- Leave because the leadership isn't there. But by all means, LEAVE.