What to do when you get the offer you don't want

I am currently working with a candidate who is in an active job search.  This individual has interviewed with several companies and really likes two of them.  In the midst of that another company is moving quickly and heading toward an offer.  The fork in the road could come any day where this individual will have to make a decision on one in the hand versus two in the bush.  So what to do if confronted with that decision?

I think this picture says it all - do you go with thumbs up or thumbs down on the first money on the table?  Especially when first money on the table is not your first choice?  I usually recommend one of three options, which are outlined below:

1)  It is okay to say no.  Most active candidates feel some apprehension with this advice.  They are actively seeking a new role and may feel like ANYTHING is better than their current situation.  The problem with this mentality is two-fold.  First of all, if you are running away from a bad situation and not toward a good situation, your job move is bound to fail.  Secondly, you still don't know yet if something better is out there but simply not at offer stage.  Patience is a virtue for passive candidates, not active candidates in most situations.  But as I blogged about a long time ago, good things do come to those that wait, and I'm not just talking about a classic ketchup commercial.

2)  It is okay to be honest with the employer and ask for some time to make a decision.  Although most times I recommend an answer within 24-48 hours, this could be the exception.  This does not come without risk as an employer upon finding out that you are waiting for some other options to pan out may pull the offer.  But if it is really what you are hoping for, then honesty is the best policy.  You might be surprised how an employer may be willing to wait.  It is not likely to be an open-ended timeframe, but they might give a week's extension or something along those lines.

3)  It is okay to tell the other employers you are interviewing with that you received an offer and it is not your top choice.  This may not necessarily prompt them to act, but it at least provides that opportunity.  Upon finding out this news they could ramp up their timing and perhaps conclude their interview process with you more quickly.  It may not eventually lead to an offer, but you could complete the process.  Then you would not have to look back and question "what if" had you not communicated this update.

The bottom line is to not panic.  Any time you get an offer that is fantastic news.  That means an employer saw that you could add value to their organization and should be taken as a huge compliment.  Have you ever received an offer you didn't want?  If so, how did you handle it?