We know it means money in our bank accounts, but beyond that, there is a lot about book advances that a lot of authors don’t know. While it might seem, for instance, that publishers are just pulling arbitrary numbers out of the air, there is a process they follow before every contract they offer: the P & L, or profit and loss spreadsheet. How exactly does that work? It’s a key document in any traditionally published book project, and we’re lucky to have superagent Laurie Abkemeier (Marley & Me, Rise of the Rocket Girls, Seinfeldia) – Jennifer and Kim’s agent – to break it all down for us. In this incredibly informative chat, Laurie also dives deep on royalties (Is it ever a bad thing to get them? Maybe …), how the category/type of book your project fits into helps determine your advance, and what it means when your book goes to auction. And what’s the deal with “earning out? Does not earning out mean the end of your career as an author? Laurie spills all the details! 

 And in one of the many reasons we’re so proud to call her our agent, she tells us about her exciting efforts to make the publishing industry more inclusive with the We Need Diverse Books internship program and by seeking out diverse voices to represent.

Resources:

• Laurie Abkemeier at DeFiore and Co.
• Laurie on Twitter
• Laurie on Tumblr
• We Need Diverse Books (we can all donate to this great project!)