[00:00:00] Nearly all, if not all conflict in life. Comes from misunderstood or miss matched expectations.
[00:00:07] This was said to me consistently by one of my former leaders. And it holds true that when we failed to clearly define and understand expectations, both for ourselves and for those around us. This is particularly relevant in the world of book publishing, especially when it comes to contracts.
[00:00:25] I'm Zach Kristensen, and this is Beyond the book presented by Juxta book.
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[00:00:39] As an author, if you have decided to go down the traditional publishing path it's crucial to understand fully comprehend the commitments that are involved both within the contract and outside of the contract.
[00:00:51] Now most authors have a positive experience, but it's not uncommon for first time authors to encounter challenges, obstacles, [00:01:00] and having one expectation and seeing something different with a publisher then that what they expected.
[00:01:07] So it's good for you to familiarize yourself with the roles and responsibilities of both the author and the publisher.
[00:01:13] This begins at the moment when you receive an offer from a publisher to purchase the rights to your book. So regarding the contract, here are four essential considerations before you sign that contract.
[00:01:27] First is the copyright ownership. Make sure you have a clear understanding of what you're licensing to the publisher. This is usually just the content in your book manuscript. But it's important to understand that there might be other specific rights that the publisher will have over your content.
[00:01:45] Such as distribution in various formats. This includes paperback hardcover. Audio and ebook as well as any other potential derivative products.
[00:01:55] While most of those are standard in any publishing contract. Be sure that you [00:02:00] identify any areas that are unique for you, that you want to retain the rights to. This could include training, video production or any other .Specific. Derivative products that you are working on. If they are not spelled out in the contract, you should raise this issue and make sure that they're included. This also extends to foreign rights.
[00:02:21] Most publishers will retain the English worldwide distribution rights and may wish to translate their work dependent upon if they can sell it to a publisher in another country.
[00:02:34] Now you may want to carve out the foreign rights and do that on your own, especially if you've looked at the publisher's track record in selling foreign rights.
[00:02:44] Next is understanding the partnership duration. Most publishing contracts are for life with a publisher, but there are circumstances where rights may revert back to you as the author. So understand what happens in those situations, which may [00:03:00] be if a publisher encounters, financial difficulties, they decide to not print your book anymore, or they go out of business.
[00:03:07] Find out what the conditions are. So if the rights do revert back to you, That you know, if it happens automatically or if you have to actually repurchase these rights.
[00:03:17] Next is the right of survivorship. Know what happens if you were to pass on? Where do the rights go? Do they stay within your family within a trust or entity? Knowing how the royalties will be continued to be distributed as something you want to make sure is clear and well-documented with your publisher.
[00:03:36] The last part regarding the contract is understanding the payment structure. Knowing that if you're getting an advance for your book manuscript, what does that look like and when did those payouts happen?
[00:03:47] Typically it captains in two to three payments and varies from publisher to publisher.
[00:03:52] As an example, you may get a payment when the contract is signed, when the manuscript has been delivered and when the book has finally [00:04:00] launched and been published.
[00:04:01] Also understand what the frequency and distribution process is for your royalty payments. This can either be once a year, twice a year, quarterly or even monthly payments, depending on the publisher.
[00:04:14] And when the payment actually does come, who does it come from? Some publishers go through the agent and the agent will pay the author. Some publishers split the payment between the author and the agent, depending on the contract terms and how their accounting works.
[00:04:28] Included with that, make sure you get a statement that outlines where the books were sold at what price and how the royalty splits out.
[00:04:36] Outside of the contract elements, make sure you understand your role as the author and what influence you have over decision-making. This can include the formatting of your manuscript. The potential contributions to the design and cover design and the title and how much influence and decision-making power that you have in these areas.
[00:04:59] [00:05:00] You should also make sure that your agent is going to be an advocate for you with the interests that are the most important to you.
[00:05:07] Don't overlook any marketing expectations. Some publishers may require you contractually to invest in the marketing either through how they just choose to distribute and market the book or they may expect for you to use part of your net. Advance to market the book and pay for certain things. Make sure you understand these expectations with marketing. So you're not surprised.
[00:05:31] Another great expectation to know about is what are the sales goals that a publisher is striving for? I'm sure they want to sell as many books as possible , but many publishers will know what their breakeven point and profitability point will be.
[00:05:44] Typically it's around 5,000 books, but this will influence whether or not a publisher is going to continue to print your book once the initial book is done and to what level they're willing to print the book and how many copies in each print run, because the more [00:06:00] copies the print, the less the cost is, which will be beneficial for you as the author.
[00:06:06] Above all the biggest takeaway is to just maintain a sense of curiosity. You are entering into a long-term relationship with the publisher and you want to make sure it's a good fit and make sure that all expectations are understood so that you can have a thriving relationship.
[00:06:23] Now, this may not mean there won't be any conflict that arises or any clarification that needs to occur, but by asking questions and being curious, even if you think the question is stupid.
[00:06:34] That's going to make sure that both sides are confident that they're moving forward in a way that's going to be beneficial for both parties.
[00:06:41] So to bring it full circle, nearly all, if not all conflict in life comes from misunderstood or miss matched expectations.
[00:06:50] Today, your actionable insight is to identify three areas where you can improve your execution.
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[00:07:01] To get help with further understanding author and publisher expectations
[00:07:06] Visit juxta book.com. To set up your author coaching session today.
[00:07:13] If you have any questions about a recent episode, I'd love to hear from you. Visit juxtabook.com/beyondthebook and click the appropriate button to leave your question and we will include it in our weekly Q&A episode.
[00:07:28] Your book is just one chapter in your author journey. Think beyond the book as you craft your path. Thank you for your questions and thank you for listening.
