Company decided to push back filling position for 60-90 days. What should I say?

TheTankF's picture
Rank: Baboon | banana points 122

This is after a phone interview with a small debt/equity broker. They said they'll check if I'm still interested then.

Anyone ever heard of this?
Would you advise trying to meet him for coffee in the meantime?

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Comments (12)

Sep 25, 2018

60 to 90 days from now is almost the start of 2019, are you willing to wait that long? Move on to your next contact/interview. Given that time window, they may not even hire anyone at the end of it. If they were interested in you they'd hire you sooner than later.

Sep 25, 2018

Thanks, I'm also going to offer to intern in the meantime. It's been fairly dry; just looking for something to do.
Should I offer to help out for free and let them make a decision later?

Array

Most Helpful
Sep 25, 2018

Please do not offer to work for free. I may catch monkey shit for this but this just comes off as desperate, and your time should be valued/compensated for something.

If you were a college student that had no internships/offers and were in your last year my advice would be different.

If they thought you were good enough to interview then you should be good enough to be paid.

Reach out to your contact tell him your'e grateful for the interview, and still very interested if anything opens up. Reach out again in a couple months and see if anything has changed.

I don't know the full situation but it sounds like they are letting you down softly. If that is the case you offering to work for free/intern etc will come off as desperate and just put them off even further.

Best bet would be to fall back and keep in touch with your contact every so often. Let them come to you.

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Sep 25, 2018

Definitely agree with @press107. Don't work for free, keep looking till you find it.

Jan 3, 2019

Original poster update:
I ended up meeting with this guy for coffee for an hour, went great, showed him print-out models I built with Adventures in CRE, he really liked it. Told me all about the office, what I'd do, said I'm definitely ahead. Said business slowed from holidays but they'll need help when it picks up.
Post New Years, I followed up, he said in Q1 they're looking to hire a producer, will need an analyst, but not sure when.

What can I reply that's a little bit extra? Offer interning again? I want to ask for a referral to try an intern someplace where I'd be immersed in capital structure.

Array

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Jan 3, 2019

it has been 90 days and now they are telling you a vague, "not sure when" ... fish or cut bait, the only way to resolve your situation is with a counter offer, that is what you need to do right now, ideally 3 months ago, if you really want the job, that is the only way to force their hand. It is bullshit they are doing this to you, in their mind it is "we might need him so lets string him along just in case" odds are they dont need you otherwise they would have hired you.

EDIT: the whole thing might have been their way of testing you (I have never heard of this, it is a dick move, but it makes sense in a self serving kind of way)(either you would get a better offer and take it, and they would have saved potential of you jumping ship in 5 months, or you will get another offer and use that to leverage them, showing them you want to be with them, or you would not get another offer, and they see it as confirmation that your resume was not what they needed)

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Jan 3, 2019

What do you mean by counter offer? When it was pushed back 90 days, I said "let me know if you could use an intern in the meantime." He said they'll definitely keep me in mind. In person, I offered to do a trial period and he said it would start out that way if I'm hired.

I'm getting an honest vibe, he's an associate (they're a new company w 10 people). He knows I can model waterfalls, acquisitions, REFI analysis, he said the analyst in their other office (different city) is greener than me...

But why not get the analyst started now and be ready for high deal flow? Should I just ask this? And ask to continue the interview process or get feedback from the others while they decide what they're going to do?

Job hunting for 1st year roles is way too all-or-nothing. Throw us a bone. Give us a way to improve, give us some models, some names, invite us to meet others in your office, we need a little transparency instead of being shut out.

Array

Jan 3, 2019

I get it, it sucks, what I am saying is that you get an offer from another firm, you use that offer as leverage to tell the firm you like "I have this other offer, but I like you more for reason _________, __________, ____________, please let me know by Thursday" Dont get set on one firm, especially if they are doing this to you, they already know you are interested, they have your number, your energy is better spent on other opportunities.

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Jan 8, 2019

Hiring a new producer can take several months. Producers usually come from other competing shops or from other similar roles, but they think they can make more as a broker. Think like working directly for a lender in an originations role with an average or "comfortable" salary. Shops will typically eye "top producers" for some time but they can't just pack up and leave easily. It's mostly due to an on-going deal that they're waiting to close, possibly months if its a big deal. Other times year end bonuses may keep people, but now we're in January so there might be a bit of traction on the end if that's the case.
It's good you're doing follow-up, but don't hold out too much especially since they're a new company as you mentioned in another post. There are other brokerages that are longer established that would probably take interns sooner than later.

Jan 8, 2019

OP Update: Guys! I just heard back. They've decided to take on an intern to potentially transition into a full-time role!!! They're having me in to discuss the position. This would help build their database of capital users/providers. I appreciate everyone's help, a lot.

I have a list of developers. Where can I find LPs and lenders?
How should I prepare?

Array

Jan 8, 2019

Not to mention, depending which producer is successfully landed, he or she may request to bring their own team (ie: analyst(s)).

Jan 6, 2019
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