So you ask for a pay rise, almost certainly the response will be:
"well, we don't have the budget to do anything now, but I'll make sure you are rewarded when you review comes round in X months time."
You're now in the worst possible situation.
No, you're in the best possible situation. The old company has rejected your very modest request and you move with a clear conscience to the new company for a nice pay raise and no more commute.
Are you even reading the same story as the rest of us? That all seems completely irrelevant.
BTW, this is not the time to ask for a pay raise, unless you just want an excuse to leave. This is the time to ask for a substantial share of the company and a big promotion. Since it's a small company, vice president seems appropriate. If the company will certainly fail without you then this is a no-brainer for the owners. Once again, all they can do is say no; you shrug and leave with a clear conscience for greener pastures.
The worst possible thing you can do is stay where you are out of "loyalty" without making it perfectly clear to coworkers, management, and shareholders what you're sacrificing for their sake, and getting a real commitment of loyalty in return from them. If they don't understand why you're staying they might see your "loyalty" as weakness (afraid to try a new job) and feel free to abuse you in the future. Their commitment is best expressed in some tangible form that's obvious to everyone.