Navigating job offers: weighing Company 1's offer against Company 2's potential

I recently found myself in a bit of a dilemma after applying for two similar positions at different companies. I had an interview with Company 1, and they sent me an offer letter shortly after, which I need to respond to by Friday. However, that same afternoon, Company 2 reached out to schedule a phone interview. During the call with HR at Company 2, they indicated that everything looked promising, but I would need to meet with local management, who is currently on vacation this week. I was transparent with them about the offer from Company 1, and the HR representative appreciated my honesty, promising to expedite their decision process as best as possible. While I recognize this is a fortunate situation to be in, I'm feeling quite torn. The compensation package at Company 2 is significantly better—double the pay, double the retirement match, and double the bonus. I’m hesitant to ask Company 1 for an extension on their offer, as I fear that could jeopardize my chances. At the same time, I don’t want to accept the position at Company 1 only to potentially leave before even starting if Company 2 comes through. I'm weighing my options carefully and trying to figure out the best course of action.

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