How to Stall Exploding PE Offer
Hi All,
How can you stall an exploding PE offer (exploding in 24 hours)?
Need to buy time of 3 business days (plus 2 days on the weekend - so total 5 days).
Would greatly appreciate serious responses only. Not a hypothetical scenario here.
Thank you,
A Hopeful Banker Chick
**3/5 UPDATE:
**
Managed to stall offer.
How do I leverage current offer to get job offer with top choice firm?
Will an email do?
Also, I don't want to mention the name of the firm I received an offer from in my email. Will that make them suspicious / think I am "bs'ing"?
Want to look over with my parents over the weekend when they are back from their travels.
It’s tough to argue with a kid on this one, since they would look like unreasonable trying to do so
Thanks. It is a good excuse to get out of work, but that wouldn't get you to stall an offer deadline. You'd still have to respond haha.
Try it, don’t be scared to put your foot down
Do people ever renege? Does it really come back to bite you?
Yes, people do renege. Sometimes it comes back to bite you, sometimes it doesn't.
Depends on: - how quickly the firm you renege on can replace you (bigger firms usually have more options, generalist roles usually easier to fill - how much they wanted you - how small the community is of the industry of the firm you renege on (niche vs broad) - If the firm you renege on them for is in the same industry/community; will you have to work with them in the future? - Did someone stick their neck out for you to get you the job at the firm you reneged on? - How senior are you? Just a kid, less of a deal than a CEO (It was REALLY surprising to me that Josh McDaniels went back on his word to the Colts)
Very insightful, thanks for taking the time. I'm not in the position at the moment, but was very curious - given how little time candidates have to accept or decline offers, it kind of follows that some realize they made the wrong decision down the road.
Might be worth a shot to say something like "A friend (or friend's parent might be even better) stuck their neck out for me to get me an interview at another firm. Your firm is my first choice, but I feel like I owe it to them to stick out the interview process."
Best advice I've seen so far. Just be prepared for the possibility that the PE firm doesn't budge and threatens to take the offer off the table immediately if you tell them you're planning to go on another interview.
I can see this having as binary of an outcome as possible. They could respect it -- it's an unusual enough excuse to believe it. More likely though, and this depends on the firm, it can be essentially perceived as an open admission to you shopping around their time-sensitive offer. I don't think it would result on them pulling the offer off the table, but rather reiterate that they are firm on the exploding deadline.
In almost all situations I recommend manning up and being open, but with this I highly recommend making something up that has absolutely nothing to do with recruiting for other positions. I can't think of any excuse unrelated to interviewing that could warrant a 3 day extension plus the weekend. You need to talk about it with your parents and they're overseas? Great, find a time and call/Skype them in the next 24 hours. Adding a day or two to the deadline might be feasible, but 5 days just sounds like a tough ask.
Have you considered tackling the problem from the other side? Why do you need 5 days? Can that be shortened somehow by explaining the current situation to someone?
Let us know what happens. Best of luck!
.
Stalling an exploding offer? This is not going to end well or reflect well.
2 words = Medical Emergency
this is the perfect time to have an "accident" where you have to goto the Hospital...grandmother/great uncle etc took a turn for the worse or has been seriously injured, or maybe your sister just went into labor....fell unconscious and stopped breathing and is in the hospital and you need to go be with family and can you get back to them when the emergency has passed (even better if you were the one who is injured, but then how would you tell them about it).
Highly unlikely they will call you out on it...hey, life happens. ideally choose something where its not possible for them to ask for confirmation. This should give you a few days.
You could literally shoot yourself in the foot.
Accept the offer. You can't stall for 5 days. It's way too long. And a 'family emergency' smells like stalling to everyone.
I think your best bet is to accept the offer, and take the interviews later in the week. If you get the other offer, and you really want to take it, then you renege on the original offer. If you don't get the other offer, this is a moot point.
Just don't post your new position on LinkedIn or brag about your exit plans with other analysts, and the firm you renege on won't know/care. It's a dick move for them to make an exploding offer anyway. They should know better.
I was in this spot.
I took an offer and reneged on it. They ended up with a more experienced candidate, weren't happy, and probably cost myself a future opportunity at that company in the future or any company that some of those top guys work at. But in all fairness, from start to finish they took 15 weeks. The other company, a far more prestigious one, took 7. They had a full 2 months to close on me before that first phone interview with another company, and had even promised future interviews and were constantly behind by 3 weeks.
They strategically did so the hiring would start April 1 for budget, and I get that, but I did what I had to do.
I took the bird in hand, backed out and joined a better firm.
15 weeks??
I don’t know how old you are but I wouldn’t say you need to consult mom and dad. You need to consult your lawyer. Who needs time to think. That you have a lawyer says you’re a serious person who treat important business seriously. Saying you need to consult dad the bus driver does not suggest you are serious. Sincere, maybe, but not serious.
This has been incredibly helpful guys, thank you all very much.
Regards, A Hopeful Banker Chick
Have you made a decision?
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