Got the offer, but...

[brewer12345]

OK, so I got the job offer I was waiting for, but its a bit different from what I was hoping for. Benefits appear reasonable, generous even (fully company paid LTD, medical, dental), access to a SARSEP (no company match, though). No vacation policy ("as long as it is reasonable its OK"), although the three principals typically take 3 or 4 weeks and this was indicated to be acceptable. Since the commute will be ugly, they have agreed to the hours I need (early in, early out). They even pay for parking.

Here's the rub:

I was really hoping for a big bump in base salary. Unfortunately, they offered roughly flat with what I am getting now, which I could live on (obviously). The big increase is in bonus. Right now, I get a piddling little bonus equal to roughly 10% of my base (no guarantees, obviously). The offer includes a share of a potentially rich bonus pool. In a lousy year, they guesstimate bonuses would be about 50% of base. In a good year (like last year), it would be "multiples" of base (would have been 3 or 4 times base last year).

I would love to negotiate for a higher base, but the three principals live with the same base, and the cost structure of this small company (asset manager) cannot tolerate a lot of fixed costs. I indicated that I was hoping for a higher base, but that maybe we could work something out, like a signing bonus.

I can live on the base offered, although it is not exactly what I had in mind. However, it means that I have a lot of "skin in the game". This is a small company, so there is a lot of flexibility and freedom, but also more volatility. I believe that I will succeed as a valued employee there, and their business and future plans seem rational and likely to succeed, so I think it will work, but I really need to decide how much risk I can take.

Ultimately, it is a far better deal than I have now, and comp is probably at least equal to what I could get elsewhere. I think it is likely we will come to terms and I will accept, but I don't make big decisions quickly. Any thoughts?