What on earth is an acquisitions meeting?

This is how I imagine acquisitions meetings back in the day. Blokes and bowties (and two token women). Source

In the world of book publishing, guiding a manuscript from a writer’s desk to a reader’s hands is like a trek across rugged mountains and winding valleys, navigating the peaks of creativity and the pitfalls of market demands.

Before I secured my two-book deal, I thought if I could just get one editor inside a publishing house to read my story and love it, that would be enough to get me over the line. I was so fresh and idealistic back then.

My first ever foray into the publishing world came in 2015 when a commissioning editor from a Top 5 publishing house approached me after reading one of the articles I’d written for a parenting website. She thought I had a good voice for ‘women’s fiction’.

At the time, I had no idea what she meant and also had no idea how unusual it was to be contacted by a publisher instead of the other way around. It set me on a path of discovery (and pain) as I tried to write my very first novel. That manuscript eventually became my debut: Someone Else’s Child but it didn’t appear on shelves as quickly or as easily as you might think.

The commissioning editor requested the first 20,000 words and took it to what’s called an acquisitions meeting. Let me stop here for a moment. This is not the normal process, in fact it is very rare for an aspiring author to have work taken to an acquisitions meeting based on a part manuscript. I’ll explain what that means in a moment.

Me in Europe

As all optimistic writers would do, I envisioned myself flying business class to Europe, wearing expensive and stylish outfits as I toured around promoting my book. The book I hadn’t even finished.

As it turns out I would not even be flying BudgetAir from Mt Isa to Cloncurry (apparently this is the shortest flight in Australia with only 16 minutes in the air—file that away for your next trivia night).

The story fell down in the acquisitions meeting. Although they loved the hook, they weren’t convinced by the main character and felt the plot had some plausibility issues. OF COURSE IT DID! It wasn’t finished! I wanted to cry. My desperation to tell them I could fix these things was all-consuming.

Too late. Door closed. Bolted shut.

OK, back up a moment, what on god’s earth is an acquisitions meeting?

So, having an editor who loves your story is great and essential, but on its own, is not enough.

Each book has to be taken to what I like to call “The Big Wigs” meeting. It is where the key decision-makers in a large publishing house come together to discuss whether or not to acquire a manuscript. These meetings are typically held weekly, depending on the size and workload of the publishing house. In smaller publishing houses the meeting may be informal or not as frequent.

Here’s a breakdown of the key players and the general process (again, will differ from publisher to publisher):

• Editors: The editor pitches the manuscript to their colleagues, highlighting its strengths, the author’s potential, and why it’s a good fit for the publishing house’s list. This is where the editor’s passion and belief in the manuscript are crucial—they need to convince the rest of the team.


• Sales and Marketing Team: They assess the manuscript's marketability by evaluating demand, the author’s platform, and positioning within the genre. They consider the target audience, current trends, and potential reception in the Australian market, comparing it to similar successful titles and identifying any risks.

• Finance: The numbers people. They evaluate the potential costs (advances, production, marketing) versus the expected sales revenue to determine if the book is likely to be profitable.


• Rights and Licensing: This team considers the potential for selling rights to the book, such as foreign rights, film and TV adaptations, or audiobook rights, which can significantly boost the book’s profitability.


• Design and Production: While not always directly involved in the meeting, these teams may provide insights into the practical aspects of producing the book, such as costs associated with design, print runs, and timelines.


Once all the information is presented, the team discusses the manuscript. They consider various factors, from the book’s literary quality to its commercial viability. Ultimately, the decision to acquire the manuscript must be a collective agreement. If there’s disagreement, the book may be tabled for further discussion or revisions, or it might be rejected altogether.


If the team decides to move forward, the editor contacts the author (or their agent) with an offer. This includes details like the advance, royalties, and any other contractual terms. There may be some back-and-forth negotiation before a final agreement is reached.


I made a handy chart for you

So, having your manuscript even reach an acquisitions meeting is a win to be celebrated. I didn’t realise this all those years ago but looking back, I can see it was an achievement in itself, particularly for a part-manuscript as a new author. Many books don’t get further than the first editor who reads them.

In the subsequent years, my manuscript was rejected by other publishers and agents, but goddamn it I am determined and I believed in the story so I kept at it.

Thankfully, the next acquisitions meeting my book went to—five years later with a different publisher—was accepted. I did not picture myself in business class jetting to Europe, instead I tempered my expectations (or did I?) and celebrated that win as the next step in this hopefully long career as an author.

And even now I am a published author, there are no sure things in terms of future books (unless you are a multi-book bestselling author). I am hoping my third book will be taken to an acquisitions meeting and met with raucous applause and enthusiasm. You’ll be the first to know if when it gets over the line.

Join the conversation on Substack.

Kx

Want to read more about acquisitions including interviews from publishers themselves and information about how to best prepare for success in your submission? The ASA have a great article here.