Behind the Page: Deal Memos

Let’s make a deal!

We’re four weeks into the new year and it’s lovely to see movement in publishing again. I love scrolling through Twitter and seeing agent signings and book announcements.

Last email we left off with an offer and my wait for a deal memo.

The deal memo came in about a week later. This process was new to me. It can take MONTHS to receive the contract so a deal memo irons out the major details of the deal prior to drafting the contract. I didn’t know the contract stage took that long but it makes sense when you think about how many contracts are often floating around at once for each publisher. The bigger the publisher, the more contracts.

Boy, am I grateful to have Stefanie help me navigate and negotiate this. I wouldn’t even know where to begin. If you don’t have an agent and have a deal memo, I highly suggest reaching out to agents to see if one will sign you to negotiate the deal.

Details often included in the deal memo are:

• How much money the publisher is offering as an advance and when it will be paid out

• Royalty percentages (hardcover, paperback, ebook, etc.)

• Which territorial rights they are requesting (World, US, etc.)

• The number of Author copies you'll receive

• The date your manuscript and/or illustrations are due

• The option clause for future work

There may be other details included depending on publisher or genre but those are the big ones. I had heard that authors with agents often get higher advances. I didn’t truly understand why until I watched a YouTube video by agents Jessica Faust and James McGowan at Bookends Literary discussing how agents negotiate deals. They mention that an agent knows what is a realistic amount to ask for based on your genre/audience and what they have offered for those books previously.

My agent and I discussed what she would be asking for and then she handled all the back and forth. Afterward, she let me know where the deal landed. It was somewhere in the middle of what we were originally offered and what she asked for. Which was fine with me because nothing we were asking for was going to make or break the deal for me. It’s definitely important to make sure your comfortable with where the deal lands.

So, now we wait for the contract. I’m not sure how long it will be but I can’t wait to sign to both make it official and receive my first payment. In the meantime, I am working on getting my next manuscript submission ready and hope to send it out soon.

See you in the next email!

In Other News:

I’ve created a debut promo group for humor writers with a debut PB, CB, or MG book in 2025. I know it feels silly to be thinking about 2025 but that’s the nature of publishing, always thinking two years out. If you or someone you know is interested in joining The Fairly Odd Debuts! (a nod to The Fairly Oddparents!) check of the group interest form HERE.