Blogger: Wendy Lawton
As I write this I have five excellent offers on my desk for one of my clients and am awaiting one more before the close of day. Today was the deadline for making an offer. I thought you might enjoy a peek into the process of multiple offers and how an agent and her client handle the situation.
Who gets multiple offers? In this case the author is a rising name in her genre. One of the names you immediately think of when you look for this kind of book. I made the decision to consider a move because her current house was going in a different direction and I believed they were moving away from her audience. Because she is award-winning, bestselling and her work is excellent, there is much interest. An agent usually senses when there will be multiple offers for this kind of solid performer.
But sometimes we put out a proposal and it just catches everyone’s eye. Perhaps we didn’t see this happening but when we get a couple of editors telling us they are taking the book to committee, we begin to watch carefully. If we get multiple offers, we need to be ready to manage these or move to an auction.
The best of times, the worst of times. For an agent, multiple offers for an author is a great problem to have, but there’s no getting around the problem part of the equation. We have the opportunity to compare offers and marketing plans to make the best decision for our client. The downside for me is that I only offer the work to publishers I love– houses I know will do a great job. That means that I’m going to be able to make one of those houses very happy. I will be be a hero to somebody. But, in this case, I am going to have to disappoint five other houses who put many hours into preparing a marketing plan and coming up with a great offer. Five editors I call friends. Five editors I must continue to work with.
How do we choose? Try as I might to set the parameters we always end up comparing apples to oranges. If I say they will be bidding for two books, no cross-collaterization, advance to be paid in two installments; I will get offers for three books, accounted together with three installments of the advance. So I chart out all the concrete elements on a spreadsheet so I can compare. Then we have to look at the intangibles– the things that are difficult to quantify, like the marketing plan and history of effectiveness, who the editor will be, and how well the culture of the house matches the author’s personality.
The Next Step is generally either to go to an auction in which the decision is based on who ultimately offers the best deal or to choose the publisher based on the offers in hand. An auction is the fairest way but the outcome must be based on concrete elements, the deal points. On the other hand, choosing between the offers on the table will not net the highest financial reward but will allow for the intangibles to weigh more heavily.
The Secret Weapon? Prayer. We invoke a team of people who agree to pray over these decisions. And when all is said and done, we do the best we can and have to leave it at that.
Questions about the process? What do you think are the upsides and downsides for the author in this scenario? Would it be hard for you to work under high expectations that come with an auction?
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Culture is the operative word.
When I was teaching, at one point I received multiple offers, and to my everlasting regret, too the one that had the best ‘deal points’ (not money), but a culture I didn’t fit.
Thought I could adapt, but I was wrong, and the cost was very high indeed.
The lesson is that discomfort with institutional culture can be a real red flag – it depends on the individual, but my thought is that an initial discomfort at the “potential honeymoon” stage is only going to get worse as the Joy of the New wears off.
Good advice. Especially in publishing where we work so closely together to create a book.
Wendy, Thanks for breaking this down so thoroughly. I love learning about the process, and each time I hear it I understand it a little better. I especially love business that is covered in prayer!
This is one of those things that is complex but it’s good to know the pros and the cons.
Fascinating to hear the inside scoop. What a wonderful position to be in for this author.
I’m curious as to how the houses that are not chosen are told. An email? Phone call? Or a combination of both depending on the relationship you have with that person?
Also, do the competing houses know exactly who they are competing against? I’m picturing some sort of Mad Men scene where the pitchers run into each other by the elevator. I don’t think it is that cut throat–or even necessarily done in person–but I’m curious as to how that is revealed.
Communication– it all depends. Usually an email because at this point in the process we don’t want to be pressed for more information than is appropriate to offer.
Generally the houses do not know who is competing. It is not a transparent process. We need to be careful to keep details close to the vest because there is a lot of proprietary information at stake.
Hubby and I attend quite a few antique and estate auctions, suffice it to say I envision you up and the front with a gavel.
😉
One would hope and pray, most definitely, that best best overall result will come from wise counsel and the invaluable experience of my agent.
Money fades and disappears, but the story stays alive through the experience of the readers. THAT is what I aim for, and that is what I would hope to be worth a gentlemanly and ladylike tussle amongst pub houses.
Thank goodness it is not a gavel-type scenario.
Thanks for another great post, Wendy. I imagine a good marketing plan could be just as valuable to an author as a big advance. I love that the decision rests on prayer. Have a great day.
It’s true. Marketing prowess and creativity is a big part of the equation.
One author must be feeling very blessed right now.
I love hearing the details. Thank you, Wendy!
Both blessed and pressured. Too many of us are people pleasers and these kinds of situations are as difficult as they are gratifying.
What an interesting situation to find yourselves in! You’ve already mentioned the upsides and downsides that I could think of for the author. Upsides: The confidence that this book will be purchased and he/she’ll have some good offers to choose from. And this author is fortunate to have an agent who knows the ins and outs and has good relationships with some of the houses making the offers. Having multiple offers also is an affirmation to this author’s abilities—though this shouldn’t be the main place affirmation comes from. 🙂
Downsides: If this author is moving to a new publishing house, there will most likely be some adjusting to new expectations. It will take time to establish new relationships within the house. These aren’t downsides, necessarily. They’re more like adjustments I guess. 🙂
My hope is if I’m ever in a position where there’s an auction for my work, that I will be preparing my best work, regardless of whether it’s up for an auction or already sold to a publishing house. I might feel more pressure, but regardless of the state, I’m going to want to present my very best work.
And don’t forget, the best scenario may be one perfect offer by a house that is in love with your book.
I love your secret weapon, Wendy. If I hadn’t prayed over this matter, I might be agonizing and second-guessing about the contract offer I received this week. But when you leave a matter in God’s hands, He gives peace about it.
As always, thanks for your insights.
PS to clarify: I personally did not receive multiple offers, only one. But I’m still pleased and praising the Lord for bringing that publisher and me together.
“It only takes one, if it’s the right one.”
I’m paraphrasing from Little Women …
Just one.
Blessings, Shelli
Congratulations, Rick! 🙂
Great news, Rick! I’m glad you shared with us.
Thanks so much, friends! I’m praising the Lord–and gearing up for the work yet to come!
So true, Rick. And congratulations!
Congratulations, Rick!
Rick, Congratulations! So glad you shared.
Thanks for sharing, Wendy. I’m happy for this very blessed author. 🙂 I also love knowing that prayer is an important part of the process for you in this kind of scenario.
Thanks, Jennifer.
Five offers! Wow! I guess that must be an eviable position to be in at least for the author.
For me that would be difficult. I am the type of person who likes to be able to choose beween two or three things or in this case offers. When you start adding more to the pot, it becomes confusing and therefore I may regret my decision later on or feel I cannot live up to the expectations that the publishing house and/or agent may be expecting.
In a case like this we do a lot of work on comparison charts to break down the elements. For a scientific person like you, you’d find a way to sort out all the options intellectually and then it’s just a matter of the heart decisions.
Wendy, I like the picture you chose to go with this post, and I love your secret weapon. Prayer makes for peace, provision, and power.
Blessings ~ Wendy Mac ❀
Absolutely. Of course we don’t always get a clear answer in prayer. In this particular case my author, who has a rich prayer life, did not sense a clear answer like go with house #3. We know all the houses were good possibilities and she covered it in prayer but we still had to just make the decision.
Thanks for the explanation, Wendy. Reading PW, I’ve often seen that such-and-such book was “sold at auction” and I was unclear about what that meant. It’s always a good day when you learn something new!
The funny thing is, each scenario, each auction, is new to us as well.
So exciting! I can imagine the author you speak of spilling a constant stream of prayers into their day as they anticipate the Lord’s next steps. Praying for you as well, Wendy.
Your own ears will hear him.
Right behind you a voice will say,
“This is the way you should go,”
whether to the right or to the left.
Isaiah 30:21 (NLT)
Great verse, Jenni! I need to print that in 28pt font and tape it to my monitor. 🙂
Me too, April.
I really enjoyed this post. Not just for the information but I love how the biggest ingredient is prayer.
The longer I know you, I respect you even more. You are both wise in the industry and sensitive to God’s leading. A powerful combination.
I am so thankful for you.
Praying for wisdom for you and the author in this situation, Wendy! Thanks for an informative post as always. 🙂
Joining in prayer you both you and this author. May God give you unity in the Holy Spirit and guide you in His direction. Congratulations and continued blessings! It is such joy when this happens to a fellow Bookie!
Thanks for this post, Wendy. It’s always nice to learn something new about the business side of writing. I’m really just echoing others when I say how encouraging it is to see prayer in this business (or any business for that matter). Thanks, again, for sharing your insight.
Congratulations. Thank goodness for that secret weapon. Even when it comes down to having to “just make a decision,” it’s such a comfort to know that God is in control!
Thank you so much, Wendy, for the inside scoop on this. What a thrill that must be.
I’m curious how such an auction takes place step by step.
On the one hand, for me as a writer this would put a lot of pressure on the next stages of writing and editing — but even more on the later stages of partnering in the marketing process, which is tougher.
There is another sense, though, that one part of the writing would be a little easier. When I’ve had a contract for something, whether a book or an article, it gives me confidence in my own vision for the piece, knowing that someone wants it. I suspect that knowing someone wants it A LOT would add to that joy!
Fascinating behind-the-scenes look. I’d always wondered. Praising God for the encouragement He’s sent that author this week.:-) And prayers for you both as you wade through the choices!
Thanks for mentioning the secret weapon. Prayer is a critical part of the process but easy to forget to do!
Such an edifying post! Thank you for sharing, Wendy.
Romans 8:28 comes to mind!
Chiming in late this week as I play catch up. Thanks for giving me a glimpse into this process. I pray all goes well for your client.