January 12, 2023
Building Influence with Novelist Ann Patchett | The Importance of Showing Up
By Michelle Stone
On todays episode, host Michael Hoffman speaks with Ann Patchett, an award-winning novelist who has earned many accolades for her books and business ventures, including being named by Time Magazine as one of the 100 Most Influential People in the World. Ann discusses her unique contract style, her relationship with technology, and her bookstore, Parnassus Books. She shares her experience during the pandemic as a bookstore owner, where she started the Lay Down Diaries to promote new shipments every week and how it became a huge success. Listen in to hear more about Ann Patchett’s experience as a renowned writer and bookstore owner.
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Time Stamps
Her writing process 2:16
Mainstream ideas in Ann’s books and technology 5:53
Her movie and the buyout 10:46
The book writing process and getting publishers 14:30
Structuring contracts 18:28
How technology has affected her 21:28
Opening a bookstore 23:14
Working with a partner and establishing a good relationship 28:54
What Ann is doing now 34:10
“There are a lot of people who believe that you should never get a royalty, that you should get an advance that is so beyond what your book is going to earn out. I think that is really detrimental to the business as a whole. I’m very interested in the health of the industry, so I don’t want an amount of money that I’m not gonna pay back, but I also want a higher royalty rate. So what I do is something called profit share, which means I don’t take any money up front, but I get 50% of my royalties after expenses.” 19:20
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