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For this interview I am typically wearing sweats. Maybe a shirt. No sir or madam at this stage. Just bro, chica, or something. Sometimes I just get up and leave without saying goodbye.
In my experience you talk about a job that doesn’t exist or maybe a job that does exist but they aren’t ready to hire
Usually roles that end in Wizard, Maven, Ninja, Czar, Evengelist, etc.
Best to show up riding a unicorn.
Money, politics, guns, immigrations
The informal interview is to establish trust. At this level, any candidate they call in can do the job - that's how they know from your reputation and from your resume. If you wanted to fudge it on paper, this is how they find out if you will go that far.
Ask and expect to be asked about: working style, your philosophy about work and life, what you think about managing others, your beliefs, your values, and your family commitments.
If the informal interview is in a coffee shop or after work drinks, it is to gauge how are you in such settings, potentially with future clients. It's not about the questions, it is how you handle yourself and your drinks.
I have a tendency to hire candidates who were willing to get personal with me. I'll offer up my personal story first... then see their response. If they reciprocate and start opening up, this is a candidate I want on my team. We're that tight. I'll let them go OOO for personal affairs, without clocking in a vacation day.
Like I said, this is about trust, not the work.
You talk about how you showed up to the interview with no pants on. Trust me, it works.