Last time this happened to me, I told him, 'Don't be afraid to make me an offer'.
He did, and I took the job.
Well, basically, I was unemployed at the time, and *anything* he offered would have been more than I was making at the time! It all turned out for the best, though. 3 years and 3 company changes later, I'm still here and doing well. (gotta love that contract work)