How to Weather the Economic Storm: A Q&A with Eric Kampmann, president of Midpoint Trade Books and Beaufort Books
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Assume the worst, and then you won’t underestimate the dangers lurking out there. If I were running a large publishing house, I would start with royalty advances and royalty rates. I know this is politically incorrect, but now is the perfect time to remedy a problem that reaches way back into the 20th century. Why are royalties, for example, paid on a fictitious retail price? Are publishers really locked into six- and seven-figure advances? I would also go to all department heads and try to get them to make recommendations for new models of operational efficiency. Harness your assets. There are few companies that do not have managers who have not dreamed of a better way. Find out what they are thinking and put the best ideas to work—now.
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