What should I do?

Hi everyone,

Alright, here's the deal. I've been offered a writing gig to do someone's biography. It came out of the blue as a result of an article that was written for promoting Stories of Strength.

This gentleman (an investment banker of 50 years) has wanted to write a book about his life (at the urgings of a-many friends and family) but because he is 72 now and still running his business, he's realized he doesn't have the expertise and time to write such a project (This is where I came in). The guy seems adamant that he wants to use me...pretty much on what I say in the article alone.

He said that how he'd work it was like this. He'd tape all his stories and hand them off to me to put it together into some sort of narrative. He said he's willing to make a financial arrangement with me to do this and that it would be my name on the cover with by-line. He also said there'd be no deadline because I told him I have a few other things on my plate right now. So it wouldn't be a priority right away.

Now here's my query: Should I do this? Reason I ask is because I've got no prior experience writing a biography other than trying to write my own awhile back. I told him this as forwarning. He said he's willing to by-pass this fact because he knows that everyone has to start somewhere. Secondly, if I do do this, how should I position myself in the financial aspect? I don't know how much to ask from this gentleman (he seemed genuine enough). What is typical for a project like this?

Any help would be appreciated and any other tips I should know would be great. He's said he'd give me a week to think about it. I said I would. It's the least I could do for this guy who's called me out of whim alone. That's a risk in itself. The only reason I'm considering it is the no deadline thing, the financial aspect (sorely needed), and the experience. It seems pretty low pressure.

So what do you think?

Thanks Frank. That's sort of my hesitation on this. There'd be little or nothing as far as royalties are concerned. There are some small time publishers around here that would pick it up. But I don't even know what my options are in this case in the financial aspect. I'm not even sure what to ask for. In the most recent Writer's Market I've picked up it says the low side is about $15000 plus 50% royalties (or a flat fee of $10000). Is this typical?

Also, my other hesitation is time. I am working on some of my own projects (novel and short stories). None of which are earning money...yet. But this one has immediate potential and I do have some debt that I would like to pay off from my foolhardy twenties. That would be the only reason I'd do it in this case. Maybe I'd do this once, gain some experience, get paid for doing writing which I enjoy (though my interest in investment banking is negligible at best), and pay off some long term nagging debts.

Also, I don't want to be an over eager novice writer jumping at the first paying job that's thrown his way. I'm glad I've been given a week to think about it.

Just wanted to provide a close to this thread. The story's not done 'til you get to the end. So here's the rest of the story:

The guy who offered me to write his biography gave me a week to decide what to do. Ultimately, I opted not to do it for various personal reasons which aren't necessary to get into.

So I call the guy up earlier today to let him know I didn't take it. What he told me was that he already gave the job to someone else. I was like "WHA????" I didn't say this out loud but I thought it. He continued by saying that if I was really interested I would've called back within a day or two. Valid point. I probably would've. But...

What if I had decided to take the job after he DID give me a week to think about it? I know the early bird catches the worm but if the person holding the worm decides to reserve it until the bird decides if he wants it, doesn't it seem wrong that he gave the worm to someone else?

I'm glad I didn't take the job in the end. My first clue was when he wanted to hire me sight unseen without reading anything I had done. Who really does that?

Anyway, venting over. The end.