Hi Guys,
Everything has gone so quickly; I sent my first ms to a top agent at the start of the year and they wanted to see the rest and then within a week they contacted me to come in for a meeting. We then discussed some rewrites which I did, sent it off and now they are going to submit it to editors this week before (I think this is right) taking it to the london book fair (maybe I got that part wrong) because it all seems such a daze as I never expected such a highly sort after agent even to bother with it, especially as it was the only agent I sent it to because I really, really wanted them. Now what happens at this point with submissions to editors? How does it work and how long does it take? I have already been told to get on with the next ms after I discussed the storyline with them, so I'm not just waiting around and doing nothing! But can anyone be so kind as to give me the low down of what they know of this part in the procedures and their own experiences. Thank you so much. (I was going to ask my agent but I was in such a happy daze I didn't!)

Happy daze indeed! Congratulations - that's terrific news! It's all hard to take in, but don't be afraid to email your agent with queries. You can save small ones up for one single email. Your agent is not your best friend, but they are the nearest thing you'll have in the book trade.

The agent will send it out to editors who they think will like it and will think it fits their list. The editors will read it, and if they fall in love with it too, they'll then take it to the next acquisitions meeting, where they'll try to persuade (in the teeth of other editors each bearing books they've fallen in love with) publicity, sales, marketing, production and the rights dept. that your book will make money. If they're all convinced, the editor will then get back to your agent with an offer. Some very senior editors have the power to acquire without anyone else's say-so, but that's increasingly rare. The offer will be 'an advance' - i.e. an advance on the royalties they expect your book to earn. It will be paid, via your agent who deducts commission and passes it on, in three or four chunks - on signature of contract, on delivery of manuscript (often the same), on hardback publication and on paperback publication. Advances are down a lot in the recession, and publishers are getting more aggressive about wanting a lot of rights (see below) to make up for what they are having to pay. They may offer a two-book contract - which is one reason your agent is encouraging you to get on with it...

If several look like offering your agent will suggest which one is best, or that the book should be auctioned, which is a sealed-bid system. If one publisher loves it but is anxious not to get pulled into an auction they may make a good offer as a 'pre-empt', under which your agent agrees not to offer it to anyone else.

The rights department is in charge of selling the subsidiary rights to your book: e-book, audio, large print, book club and all foreign and translation rights. Your publisher will almost certainly want any contract to include them handling these rights (because then the payments go towards paying off your advance) but if your agent wants to take your book to LBF then it sounds as if s/he is planning to keep at least foreign and translation rights to sell separately. Which, assuming your agent is as good or better as your publisher's rights department at selling them, is good for a number of reasons I won't bore you with right now, not least your cashflow. Rights are often the bargaining chips in the negotiations over the advance, like curtains and carpets in buying and selling a house.

It's all incredibly exciting. On a sour note, I do know that agents are saying that not so long ago they never failed to sell a book. Even top agents can't say that any more, though the best agents won't drop you if the first round doesn't work, but will persevere. It took my agent two years to sell a funny little book about the night time and a curious incident involving a dog...

The other thing I'd suggest is that you join the Society of Authors. They have lots of information, as well as good seminars and some social events, and local groups. For the price of the membership fee they'll check any contract with their legendary legal magnifying glass. Your agent will obviously check contracts that s/he negotiates, but I do suggest that you get the SoA to check your agency contract. Not, I'm sure if s/he's a major one, because there's anything dodgy in it, but because there are always things which have implications you might not be aware of...

http://www.societyofauthors.org/index.html

And whatever happens, enjoy this moment. It's a huge affirmation of your writing to have this happen!

Emma

<Added>

As you'll have gathered, it can vary a lot how long it all takes - anything from ten days to much longer, depending on meetings, and who's on leave, and so on...

Once you've signed a contract, it's usually about a year - not often less, sometimes more - from then to publication. There'll be some editing, almost certainly, then a copy-edit, typesetting, proof-reading. Pub date is all about where it fits in the promotion schedules of the big buyers - 3-for-2, Book of the Month, etc. etc. Bound proofs will go out to people like the trade press and the big buyers (Tesco, Asda, Amazon, Waterstones) will be shown it about 6mths before publication, and then Publicity starts gearing up: press releases and review copies and so on perhaps two or three months before.

Can I just add my voice about selling rights.
Do talk to your agent about this. Publishers, as Emma says, will try to grab what they can, but where possible my advice is to resist.
I have adamantly refused to sign any foreign rights, film or radio rights to my publishers. And my agent has sold these seperately for me...making far more cash than I got for the original advance.

My agent is very hot on not giving away rights...he reps an author who wrote a book called Q and A and hung on to all his rights.It didn't sell very well. Then Danny Boyle picked up the film rights nad turned it into Slumdog Millionaire. After that it sold in over 20 languages.
The author would have been spitting blood if he'd given all his rights away to the publisher.

I don't think either, that publishers are very proactive in selling books on anyway. If someone comes knocking, or they have sister organisations etc then they'll do it, but they don't seem to go out there and flog it. Agents do.
HBx

After that it sold in over 20 languages. The author would have been spitting blood if he'd given all his rights away to the publisher.

Well, the money would have worked its way through eventually, less 20%, and then less the agent's 15%. Instead of just less the agent's overseas-deal cut, which is 20%. (All those figures assuming the contracts are standard).

But it's certainly true that a publisher may or may not have a good, pro-active rights department. Particularly with US rights, they may just publish the book through their US division, which may or may not be the right home for it. I think it's much less common for publishers to ask for film rights - mine never do.

The other reason to hang onto rights is cashflow: the money comes straight to you, instead of going into the paying-off-the-advance pot. It's true that if the advance earns out quicker, you'll get royalties, but that's a while off...

Emma

And with discounting as it currently stands a lot of authors are making bog all in royalties, whatever their sales. And don't get me started on joint accounting...
HB x