Pub Talk: Of Money & Book Deals

This may be my favorite origami ever.

Let's talk about money.

And book deals.

Because as writers, we LOVE to talk about those two things together.

Someone emailed me a little bit ago, asking about this, and I realized it was a great topic for a Pub Talk post. Also because even though I had read a few posts about how money works with book deals before I got mine, there were still things I learned along the way.

Okay, let's say you get a book deal for a single book, and to make the math easy, let's say you get an advance of $15,000. (An advance is just what it sounds like-- an advance on future royalties. Once your book goes up for sale and you start earning royalties, you have to "earn out your advance" before you start getting royalty checks.)

So does that mean that as soon as you get the call that your book sold that you can go out and spend that $15,000? Not quite. It doesn't come in one chunk. Sometimes it comes in two payments, sometimes in four, but most often in three. (At least that's what's most common with mid- to large- sized publishers.)

1/3 Comes within 30 days of signing your contract,
1/3 Comes within 30 days of your book being "accepted," and
1/3 Comes within 30 days of publication (although occasionally that date is bumped up, but not usually).

Let's talk about a few things.  

First: contracts. Smaller presses usually have a boiler-plate contract that they send out pretty much the day they offer. Most mid and large publishers will work with the agent on the contract, so it takes longer to get it finalized. I got mine from Random House two months after they offered, and apparently that's insanely fast. Some publishers take 6 months. I've even heard of some taking 8-9 months. Then you sign it, send it back, then wait 30 days for the check. (It goes to the agent first, they take their cut, then send you a check for the rest.) So sometimes, it can take A LONG TIME to get that first check. You might even be close to your book going to copy edits by the time you get it.

Second: if you have an agent, the publisher will send the check directly to your agent, (s)he will take his/her 15%, then a check for the remainder will come to you from the agency. No taxes are taken out, so you have to plan for that part on your own. So in our example, you'd get three payments of $4,250. Make sense?

Third: "Acceptance" doesn't mean that you've just emailed your book to your editor. It means that you have gone through however many rounds of edits with your editor that it took to make it shine. It means that it's essentially ready for publication. You'll still have to go through one or more rounds of copy edits, and first pass pages (and maybe second pass pages), of course, but those are just minor things. The bulk of it is done.

Now, just for fun, let's say that you get the coveted six-figure, three book deal from one of the Big Six. We'll say $35,000 a book, for a total of $105,000. These numbers work out awesome, because on a $35K book, the agent cut is roughly $5K, leaving an easily divisible by three $30K. Nice, huh? Let's get some timing in the mix, too. Let's say you got your book deal this month (January 2013), with your books slated to come out December 2014, December 2015, and December 2016. This is how it would break down with a totally made up but realistic time table.

On signing, you'd get 1/3 of the $35,000 for each book (or 3/9 of the $105,000). So your first payment would be $35,000. (Or, once your agent takes his / her cut (and honestly, you aren't going to get this deal without an agent and yes, they are totally worth the 15%), you'd get around $30,000.) Let's say they're pretty fast, and get you your contract in April. So you'd get your first check in May 2013.

May 2013: $30,000  (Signing for all three)
Jan 2014: $10,000 (acceptance of book 1)
Dec 2014: $10,000 (publication of book 1)
Jan 2015: $10,000 (acceptance of book 2)
Dec 2015: $10,000 (publication of book 2)
Jan 2016: $10,000 (acceptance of book 3)
Dec 2016: $10,000 (publication of book 3)

So, as you can see, those advance payments can be spread out quite a bit. A very important thing to think about before you quit that day job.

Any questions? I know I left about a million things unanswered. If this brings up any questions for you, ask in the comments and I'll do my best to answer them. And if you have an experience that's different than this, tell us! I think it really helps everyone to not walk into this industry blind, so we would all love if you shared.

photo credit: Jon_Tucker via photopin cc

What questions should you ask an agent who offers representation or exclusive revisions?

Because you know you're most likely
to get "the call" while on the beach. ;)
By Peter Drier (Flickr) [CC-BY-2.0], via Wikimedia Commons

A couple of months ago, I was part of a discussion with a few other writers about what questions you should as an offering agent when you get The Call. I've been asked this question a few times, so I thought it was time for a blog post on it.

My first piece of advice is to download FROM THE QUERY TO THE CALL by Elana Johnson. (Scroll down to the bottom of that page on that link-- there's a download button.) Not only is it free, but it saved me so many times! It even has information like what to name your file and how to format your email when an agent asks for pages of your manuscript. It contains a list of questions to ask an agent. When I got The Call, most of my questions came from there. I didn't ask all the questions--- just the ones that were important to me. You may have completely different questions that are important to you. Here's a few, though, that I think are big ones worth talking about:

Do you think my book is ready for submission, or will it need edits first?

How extensive will my revisions with you be?

I think it's also important to find out not just about how many edits they think your book needs, but how editorial they are in general. Not that a highly editorial agent is generally better or worse than one who makes minor suggestions (or none at all), but it's likely one or the other will be better or worse FOR YOU. So think about what you really want and need.

How many people do you represent?

This is another one where there's no right or wrong answer in general, but there's probably a right or wrong answer FOR YOU. An agent with a ton of clients will obviously be busier, and so you'll likely communicate less. But they sell a lot more, so generally have more contacts and a greater relationship with those contacts. As the amount of communication goes, it's likely to be vastly different between an agent with a ton of clients versus an agent with a few. So try to anticipate what you want from an agent. Do you want your agent to "check in" frequently, or are you okay going possibly months during the slow times without hearing from them? Are you looking for someone you can be buddy/buddy with, or someone with whom you communicate only when you have a need?

How long does it usually take you to respond to an email?

This is important no matter how frequent your communication is with your agent. I think that the number one complaint among writers who are thinking about breaking up with their agent is that the agent takes forever to respond to emails.

If you don't sell my book, what happens?

I had two agents offer. Both were powerhouse agents from powerhouse agencies. And that's about where their similarities ended. One was highly editorial, one was not. One tended to sub to a lot of editors at once, one to only a few (more on this in a second). Both had entirely different plans for my book, but they were both GOOD PLANS. I had a really hard time deciding for quite a while--- until I got their answers to this question.

I asked my agent that during our initial phone call, and she said, "Then we will go on another round. And another and another until either we've exhausted every possibility, or you tell me that you want to stop and work on submitting a different book."

The other agent's answer: "We would probably try a second round of editors to see if we could get an offer in that batch. If that didn’t happen, we’d talk about what other projects you have in the works. In these scenarios, I will often stay with the author for a second book and not issue a parting if the first doesn’t work."

Can you believe the difference between two agents?! That was a deal breaker for me. I think the answer to that is vitally important. It tells how much they are really taking on YOU versus YOUR BOOK better than anything else. I think it's important that an agent sees you as someone whose career they can build.
 

To how many editors do you generally submit a manuscript?

I've heard a lot of numbers on how many editors an agent normally subs to on the first round. It seems a lot submit to somewhere around twelve. There are agents that only sub to five, though, which takes your chances way down. I don't know if they just don't have as many contacts, or if there's a good reason to do it for that particular book, or if it's simply a preference, but it's definitely a huge factor and is something to ask about.

What if I wrote a book in a different genre?

If you've ever thought about writing in another genre, and think it's a possibility you will in the future, definitely ask! My agent reps kidlit, and rarely reps adult. When I asked this question, she said that one of her clients writes both kidlit and adult--- she reps the kidlit, and a different agent reps her adult stuff. If you're ever thinking you might genre jump / age range jump, it's helpful to know if they would rep both, or if they'd be open to you having a second agent.

 How agressively do you seek foreign rights?

Ask what is normal for him/her and his/her agency, and how they think your book might do in foreign markets. I know that right now foreign rights would just be icing, but trust me: when you get there, it'll be important to you.

A few others to consider:

How involved are you in brainstorming future ideas for books / how to promote / career planning?

What would your expectations for me be if we decided on a partnership?

Can I contact a couple of your clients to get a feel of what I should expect?

Is there anything else I should know that will help with my decision?

These aren't the only questions you should ask, of course. Make sure you download Elana's book! It is seriously helpful, and has a lot more questions for you to consider.

And one last thing that's not really a question, but so important.

How does the agent make you feel?

Back to the decision between my two. One made it clear that she was the boss. That I needed to jump if she said jump. The other made it clear that she was my partner. That we would work through things together. As I was getting paper to make a pros / cons list about which agent I should choose, my hubby gave me a look like he couldn't believe I was even going there--- and not because I don't go there often--- but because to him, the choice was clear. He said, "When you talk to / about the other agent [the boss one], you're stressed out, worried, and unsure of yourself. When you talk to / about Sara [the partner one], you're calm and peaceful and excited." Um... Duh. My choice really was made from the start. I don't know why I had to get all technical about it. PAY ATTENTION TO HOW THEY MAKE YOU FEEL. This is the person you'll need to go to when you need to be talked down from a ledge when things get crazy. You do not want to be afraid to email them.

A few other non-question things:

Keep in mind that a LOT of agents ask for exclusive revisions, or an Revise and Resubmit (R&R) before they sign with you. If they do, don't let that make you feel like your book just wasn't good enough! If the agent tends to be very editorial, that's the kind of thing they'll tend to do with every potential client. They want to see how you'll work together editorially first. But if they ask for an exclusive, the phone call might be focused on the edits, not on them as an agent. Don't get flustered, and don't let them skip past the part where you ask questions. You want to make sure if you do enter into an exclusive, that it's someone YOU want to continue with.

And figure out exactly what you want in an agent BEFORE you get The Call, or the email requesting The Call. If you have one agent offering, it's easy to get so excited that you don't really care what the answers to your questions are-- you just want them to sign you! But if they aren't the right agent for you, signing with them is a much worse road to travel than continuing to query is. And if you don't decide ahead of time what exactly you want/need in an agent, it'll be so much harder to make a logical choice (instead of just an emotional one).

When you get that call, remember most of all that they're a person! And chances are, that phone call makes them nervous, too.

W is for What I wish I had known before pitching to an agent

I am a huge, huge, huge proponent of pitching your book in person to an agent.

Why? Because of what it gets you! I'm sure you know that agents get tons of queries every single day. A good portion of them (like 90%) come from people who haven't worked very hard on perfecting their craft. Agents know that if you go to conferences, you're likely in that top 10%. If you go to a conference AND pitch, you're likely a top 10% writer who has a book close to being worthy of representation. They don't have to wade through that 90% to get to you. Not only that, but it gives both of you a chance to know each other. And that's invaluable.

Tip #1: If you can get a pitch session with an agent / editor, do it!

Here's what I wish I would've known before pitching. (It's important to know that the conferences I've been to are ones where you pitch to one or two agents, and have a dedicated 10 minute scheduled time to meet with them. I know some conferences do a pitch-a-palooza type event where you go from agent to agent, and only spend a couple of minutes at each one. At that type of pitching event, there are a couple of these tips that might not apply.)

Tip #2: if you don't get a pitch session, get on a waiting list, because people cancel theirs all the time.

I pitched to my agent last year at the same conference I'm going to next week. It almost didn't happen, though! I was, quite possibly, the first person to sign up for the conference, so I could've had my pick of agents to pitch to (each person can have a max of one pitch).

Buuuuut.... I figured I would fumble my way through a pitch, so it would be better to just send a highly crafted query. Eventually, a good friend talked me into it, but by then the pitch sessions were already taken. So, I went on a waiting list.

Tip #3: Figure out what you want to cover. Don't memorize a script, but do memorize the points you want to cover. Then you can talk like a normal person about it.

I went to a class on how to pitch at a conference two months earlier. I had my 2-3 sentence pitch ready, and practiced on everyone who would listen, working to make it sound conversational, but still cover everything I wanted to cover.

Tip #4: Go with other questions in mind.

Then I went into my pitch session I speed-talked my way through it, because that's what I do when I'm nervous!I don't ramble-- I leave things out. So my pitch was done less than 30 seconds. She had asked me questions and I had answered them, and under the two minute mark, she had requested my full. Then she said, "Do you have any questions for me?" I had not even thought about questions for her! I just sat there, completely awkward, saying "Um.... Uh.... Oh.... Uh.... Nope?" Then I shook her hand and left, with seven minutes of our meeting unused!

People, don't do what I did! (See how willing I am to embarrass myself for your benefit?) Think about what you really want to talk about. This is golden time. Ask about their agenting style. Ask about the industry. Ask about the process. Ask about craft. You can even ask questions about your book-- like things about the plot you can't figure out. Ask about ANYTHING writing related! Chat. See how your personalities mesh. Just don't leave seven minutes early.

Tip #5: Don't cancel your pitch if your book isn't ready to send!

When you signed up for a pitch-- yeah, it was five months earlier, and you thought your novel would be ready, but it isn't. Don't cancel your pitch! IMHO, the only reason to cancel a pitch is if you got an got an agent between when you signed up and the conference. If your book isn't ready (but you're working hard to get it there), pitch the book anyway. When you send a query to an agent and they request pages, you should get it to them within about 24 hours. When you pitch, you have a YEAR to get it to them. A year! So don't stress that it isn't all the way ready when you pitch! You have plenty of time to make it shine. You are pitching to see if that story idea fits with them, if they think its a marketable enough idea that they want to see pages, and if it's a story they have the right contacts to sell.

Tip #6: Your pitch session doesn't have to be used to pitch.

That ten minutes you've signed up for is YOUR TIME. Use it wisely. You've bought not only that agent's (or editor's) time, but their expertise. And it is expertise in an area they are incredibly passionate about! They WANT to help you.

Let's say you signed up for a pitch, but it just doesn't feel right to pitch your book, for whatever reason. Those ten minutes are still yours! I've had friends use them in ways other than pitching, and the agents in every case have been more than willing to help out.

• A friend brought their query letter and asked for a critique.
• A friend brought their first three pages and asked the agent to read until they would normally stop, and then talk about what stopped them.
• And I've had friends say, "I'm about to start writing a new novel. I have these five [or however many] ideas, but I'm having troubles deciding which one to use." Then they tell the five ideas, and ask which is the most marketable idea.

Tip #7: Don't be nervous. Really.

And the most important thing: remember that they are just people! I know it feels like they're rock stars, but they're completely normal. It kind of helps to remember that when you're sitting across a table from them. :)

V is for Verbalizing your Vision in a Pitch Session

Since we're heading into the heart of writer's conference season, let's talk pitching! Because if you thought that clicking send on a query while sitting at your computer in your nice, comfortable home was hard, it's nothing compared to pitching in person! (Not to scare you or anything if you are about to do it for your first time.)

But first, a poll! (And fail on my part for the poll! I didn't think to put a valid option in the second question if you answered no on the first question. So if you answer no on the first, just guess how you'll be when/if you ever pitch. M'kay?)

Quizzes by Quibblo.com | SnapApp Quiz Apps

Me? Um.... I may have been a little nervous at my first pitch. I may have told about my story in a speeding bullet voice, and finished 30 seconds into the pitch. It's a safe bet to say I didn't ramble. Definitely not cool and collected. I have debated whether or not to post this picture, because the body language tells pretty much how I felt.

Nervous hands? Check. Fake laughing to cover up the nervousness? Check. The conference photographer (wanting to get a picture of a pitch session or two) in the room to witness it? Check.

But that's me. And that's Sara. (Isn't she adorable?) And I had absolutely no idea at the time that my fumbling / shaking / speed-talking with her would one day mean I could call her my agent.

But I can't say I didn't learn anything! I'll have you know, though, that the next time I pitched, it went 1000 times better. Tomorrow, I'm going to post about what I WISH I would've known before I pitched. Because life is better if you know a few things before you pitch.

So what's been your experience with pitching? Are you pitching to an editor or agent anytime soon?

How did you pick which agents to send your ms to?

There are a lot of ways to research agents. In fact, you should click here to go to the excellent post Literary Rambles has on researching agents. Then check out part 2 and part 3. Casey McCormick shares a lot of really great information here, and she's really thorough. (Plus, Literary Rambles is incredibly helpful in researching agents. If you're researching, they'll likely become your bffs.)

Here’s the thing. It’s HUGELY IMPORTANT to research well. Don’t just plan on spending an afternoon coming up with a list. It takes more time than you’d think to do it right. I’m not sure I had the best system, so take this for what it’s worth– just something that worked for one person.

The thought of trying to come up with a list of agents that were really good felt completely daunting to me. Then a friend clued me into an easy way: Publisher’s Marketplace. (http://www.publishersmarketplace.com/) I signed up. It’s $20 a month, which is pretty steep, but it seems like the first 5 days were free, and you could cancel before the five days were up. I don’t know if that’s an all the time thing, or if it was a special I just happened to get in on. I guess you can try it and see. (It's important to note, though, that after a couple of months I canceled my membership. When I signed up again around the time my deal was going to be listed, I did NOT get the five days free again. It must be a one time thing. So don't do it until you are ready. :))

In PM, you can select Deal Makers on the left-hand side, change the type to Agents, then select your genre, and it will show the top 100 deal makers for your category. Incredible, right? I thought so! I know that PM doesn’t list all deals made, but it shows most and seemed like a way to get a really great list. I copied the list and pasted it into a new document. Then I used Google to search for them. Most showed their agency’s site, and most had interviews somewhere. Literary Rambles had almost every agent I looked up, and their information is INVALUABLE. Those girls rock. If you don’t want to go the Publisher’s Marketplace route, you might be able to find everything you need there. (And remember those links from above. They tell you how to go the non-PM route.)

So, I read all I could about each agent, copying and pasting any info relevant to them that might help me personalize a query into the file with all their names. Then I gave them a ranking between 1 and 10, based on how well I thought their personalities matched up with mine, and on how much they seemed to like books like mine. Then I moved only their names and rankings into a new file, so I could see all of them at once. And just so you know, this step takes FOREVER. But it's also hugely important. Just because an agent is right there at the top of the dealmakers list doesn't necessarily mean they are going to be a good agent for YOU. There are a LOT of agents. The one who will represent you best might not even be on this list at all.

I've read a lot of great advice on how to choose who to send your query to first. Query a couple from your top tier, a couple from the middle, and a couple from the bottom. That way, you can see what kind of response you get from your query, and you can tell if it’s not doing the job. Test the waters. Adjust as necessary. Excellent advice!

But it’s also not what I did.

[Caution: take this with a grain of salt!] To start, I chose three agents that were great agents that represented my genre, but didn’t feel like a great fit for me, and queried them first. Why? Because it’s hard to figure out how to word the top personalization part! And it’s hard to click “send” on those first few! Those were my practice ones. Then, I went for the ones at the top of my list of researched agents. I figured, why not start with the ones that might be best for me? I did it, though, because I knew that my query was the absolute best I could make it. If querying from the top, middle, and bottom let me know that my query needed adjusting, there really was no where for it to go. If my query wasn’t good enough, then I wasn’t ready. So if it was the best I could make it, and I was SURE of that, there was no reason not to start at the top and move my way down. (This could be a dangerous method to use. Keep that in mind.)

So then, you just go to your handy list where you've copied all the pertinent info you've found (like stuff that says they are looking for books just like yours), and you can use it to personalize the query.  You know-- things like, "I read in an interview that you are looking for ____, so I think you may be interested in my _____."

So, there you go. ONE person's way they researched. I know there are a lot of other ways, and a lot of people swear by Query Tracker. If you have a great way you researched, please let us know in the comments! That way, anyone trying to figure it out can have more suggestions. 

(And have I mentioned lately that you guys rock my world? Because you totally do.)