Wondering if anyone on this forum has had experience rescinding an accepted job offer? I've seen a number of posts in regard to this but its usually for IB/newly college grads. Currently am in a tricky situation, I accepted an exploding offer (only 48 hours to accept) from a large brokerage. Was caught in layoffs a couple months ago from a small REPE/developer and accepted the job because of good pay and not having better options at that time. I don't intend to stay in brokerage for the rest of my career and at this point have 3-4 years of experience. I recently have made it through the final round with a larger REPE firm and they're preparing to make me an offer. Better pay, much more in line with my long term goals and the type of work I want to do, etc. All around better opportunity for me as I want to stay on the ownership side of the business.
The issue is my start date is in 2 weeks with the other company and I basically feel like trash for having to reneg on them when I've had a great experience during the interview process and they gave me a competitive offer. Is there anyone here who's experienced a similar situation? Feels like if I stay with Company A I'll have some regrets but if I reneg I'll burn bridges and hurt my reputation. But business is business and it makes more sense to stay in REPE when that's what I want to do long term, rather than make the inevitable switch back in another 1-2 years.
Feel like you answered your own question - business is business. If the roles were reversed, they'd cut you in a heartbeat. Obviously it won't be fun and games and people won't be happy, but if you're honest (and cordial) with them they will understand. They certainly won't be happy, but at the end of the day you gotta do what's best for you.
You do burn bridges, but it isn't the end of the world, especially as an analyst/associate.
If you were older, then people would be way more miffed because they would of invested more time and energy in hiring you.
In the end though, you should do what is best/right for you. But don't reneg until you actually get than other offer.
It kind of depends on the names of the brokerage and REPE fund - I hate to say it. There are certain funds worth burning bridges for and there are certain brokerage teams you don’t want to mess with - especially if you’ll be covering the same market in your REPE job.
That said, I’ve heard crazy stories about people disrespecting employers. EG I worked in IB a while back and supposedly someone got hired as an MD and straight up never showed for the first day of work. No phone call or email. Just no-showed the first day, and then never showed up in the future. That guy is doing fine and is head of a decent sized fund now. People move on
They won't be happy about it, but if you communicate as soon as you have a written offer/accept the other job you won't ruffle too many feathers. Some people take it personally, but you'd be surprised how many people understand that people need to do what they need to do.
I mean, who gives exploding offers. Except companies that can't compete in pay, WLB, or culture.
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Do you have the other offer in hand? If not, consider carefully. Ive been left holding the bag before and it sucks.
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Yeah, I accepted a corporate finance offer with a large commercial bank out of UG. I had a verbal offer that was taking forever to get the paperwork on in acquisitions and the bank offered too much money to not at least cover my ass.
All worked out, I ended up taking my real estate offer. I just called the bank and said hey I'm not coming. Avoided giving a reason, just said my plans changed and thanked them and complimented the HR/recruiter on their process. It was kind of awkward but it doesn't really matter and they move on. It was like a 90 second call, if that.
I know it was a little easier for me because I was in undergrad, but the bank process was super long (3 rounds and multiple case studies), but great people and super organized. I felt guilty too. But, the same people would serve you your head if layoffs needed to happen. You have to remember it’s just a job for everyone involved.
More importantly, you gotta do what's best for yourself; just make sure you don't renege until the one offer you are taking is official and in writing.
Depends on the person, I got an offer (for an graduate level internship) from a company offer A. They were great, smart people but it wasn't my first option. I spoke to them about pay and they made me a great offer. I had another company lined up that made me offer B a few days later. I took offer B, didn't sign with A and just said I had another opportunity that better aligned with what I want to do (acquisitions vs debt fund) and they said best of luck if you change your mind let us know.
I mean look, people say don't burn bridges but you see top brokers leaving companies for more money, brokers firing people they've employed for 10-15 years (Meridian recently). As long as you are respectful and say it better aligned or something like that and thank them then it's not a big deal. People get it, I'm sure there will be a line for a role right now in this market if they're looking to fill it.
Just be honest. Don't ghost anyone, don't play a game - call up whoever you need to, explain that an opportunity better tailored to your interests and experience came along, and that you regret having to renege last minute. They're running a business, they'll understand, and if they don't, it probably wasn't going to be a great place to work in the first place. As others have said, if the positions were reversed, they'd lay you off in a heartbeat - they might regret it, might be upset to have to give you the axe, but a week after your goodbye drinks they'd have moved on.
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If possible, it would be better to delay the start date on an accepted offer than to start and then quit. In either case, you need to be honest and upfront about why you are walking from the position that you accepted when you finally do notify them. It will be difficult to fault you for making the best decision but I would not count on get another offer from them in the future.
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