THREAD: I've taken out a lot of feature spec screenplays to the marketplace over the years, but when I do it with a new client and walk them through it, I'm reminded how complex it can initially seem to be. Thought I would step out what my process on it usually entails. 1/

Obligatory Parental Advisory Tweet: These are simply my opinions; Your Mileage May Vary; This advice is freely given and may be freely ignored; As @jelenawoehr wrote: "if it don't apply let if fly." (I love this and hope @jelenawoehr is okay that I continue to quote it!) 2/

First step is, obviously, getting the script in as strong shape as possible. Once everyone -- the writer, myself, the agents (if they have agents) -- feels the script is ready to go out, we finalize a "send out" draft and materials. 3/

Finalizing means: doing a thorough typo pass; making sure correct rep info is on the cover page (not the writer's personal contact info;) prepping a logline and sometimes prepping comparison references (ie. "In the vein of LOOPER meets EX MACHINA.") 4/

Note: The process I'm describing here is for a "clean" feature spec script, which means no producer, director, or actor attachments. There are wholly separate processes for taking out a script with each of those kinds of attachments. Not getting into that on this thread. 5/

The next step is prepping a producer submission list. This is about deciding who the best producers are for this script. There are producers who focus on comedy or big-budget action or low-budget horror. Who are the producers best equipped for this project? 6/

A starting point is generally looking at a list of who studios have overall deals with. There's an annual "Facts of Pacts" that lists all the overall deals studios have with producers, though we also keep our own list, as those deals fluctuate throughout the year. 7/

Those overall deals tell us which producers each studio is particularly focused on working with. The studios pay the producer's "overall" costs in exchange for a first look at the projects they want to produce. We'll go studio by studio, assembling the list. 8/

Then we'll make a list of the best producers for the project who DON'T have overall deals. Often, there isn't the right producer with an overall at a particular studio. So we need to find a producer who fits the project & can bring it into that studio, despite having no deal. 9/

Those producers will also be the ones who can bring it to studios where the "on the lot" producer has passed on the script. They can also take it to financiers, mini-majors, and financing entities that don't have many/any overall deals. 10/

For each producer/production company, there's also the question of which executive we should take the script to (as most have multiple execs.) Whose taste does this fit? Who is effective? Who liked the writer's previous script and had a great general with them? 11/

Then there's the question of WHEN do we take it out. The quarantine/pandemic has shifted this, but in normal times, there are very clear seasons when it's best to take the script out. 12/

January isn't great, because the first week is about getting back to work and then people head out to the Sundance Film Festival. February-May are great months to take out material. People are in town and there's a lot of money left in the annual budget 13/

June-August can be tricky, especially August, because people head away for summer vacation. The execs may be around, but their boss is on vacation for a few weeks. You don't want to be in a situation where you're waiting around for the boss and become old news. 14/

September & October are prime months for feature material, especially horror specs in October (spooky season!) November & December are more difficult because 1) The holidays 2) A lot of studios are out of money for the year. I tend to avoid taking out specs then. 15/

For clarity's sake, this isn't some hard & fast rule. I've sold specs in August and had others not sell in February. It's just about being aware of the marketplace and trying to avoid any potential issues. 16/

Day of the week-wise, I tend to take out specs on a Tuesday. Monday is for weekend read meetings and discussing the previous week. Tuesday is for new business. Ideally, producers read on Tuesday-Weds, you go into studios on Thursday, have an answer by Friday. 17/

So we make the calls/emails to producers and send it to them on Tuesday. Execs will tend to read within a day or two, especially if they're excited by the logline/concept and/or the writer's previous work. 18/

Within the next 48 hours, they'll either pass or, if they like it, they'll run it past their boss and decide what "territories" they want. This can be tricky to explain, so I want to step this out clearly. 19/

"Territories" are all the buyers: studios, mini-majors, and financiers. Producers will request different territories. If they have an overall, they'll always ask for their home studio. Often, they're required to get a pass from that studio before going anywhere else. 20/

Producers will often request more territories than just their home studios. They'll also ask for other buyers that they have a good relationship with and advocate for why they should be allowed to take the project into them. 21/

When producers take scripts into buyer, the producer is telling the buyer: "This could be a great movie for you and I want to produce it." They're putting their taste and track record behind it and advocating for the buyer to make an offer. 22/

A big part of this process, if you have multiple producers interested, is deciding which producer has the best shot at motivating the buyer. Producers will let you know which exec at the buyer they plan to take the script to and why. This is also important to assess. 23/

Once you've decided which producers get which territories, those producers will take the script to those buyers. If there's an unclaimed buyer, we'll take it in directly without a producer. There are buyers that prefer material without producers, so we'll go in there as well. 24/

It's important that the script goes into all buyers the same day. If a buyer gets a script days early, they can leverage that into making a pre-emptive lowball offer. They'll offer a low number with a ticking clock: "Respond within hours or the offer expires." 25/

Since no other buyers have read it yet and there's such a short time window, you can't leverage that offer into anyone else making an offer. You also have no sense yet if there will be another offer. So do you gamble that there will be a better one? Or take the sure thing? 26/

Once the script is into buyers, the game begins in earnest. You'll get passes and people "talking internally" at their studio. People tend to be loath to be the first place to step up with an offer. This is where producers can lean on their relationships to coax an offer. 27/

If you do end up getting an offer (or get word one is incoming), reps will let all the other interested buyers know. Ideally, this prompts other buyers to step up. The idea of losing out on something to another buyer goading them into making an offer. 28/

Other times, and this seems counter-intuitive but happens, buyers will instead step back. They like the material, but don't love it enough to get into a bidding war. Perhaps they're talking internally and can't reach the decision-maker (or get them to read.) 29/

If you're lucky, and this doesn't happen very often nowadays, you'll have multiple buyers making offers and bidding the price up. Or instead of the price going up, you can look to extract other concessions, ie. a progress-to-production commitment. 30/

What's more likely than multiple buyers is a single buyer that you make your deal with. If it's still in play with buyers and not everyone has passed, a deal could close quickly. If everyone else has passed, these negotiations can stretch out for days or even weeks. 31/

Unfortunately, the most likely outcome is that everyone passes. Because, sadly, most feature specs scripts don't sell. Just the way it goes. Could be the wrong script or the wrong moment. Always hard to say exactly why. 32/

If your script doesn't sell, occasionally a producer who took territories will be interested in doing work on the script to address issues that buyers had. You can discuss their notes, and their strategy for the script going forward, and decide if you want to work with them. 33/

Even if they come on board and you address those notes, it's often an uphill battle to get buyers to look at the script again. Once a buyer has passed on a script, it's unfortunately very difficult to get them to reassess, no matter how work has been done to a script. 34/

We'll also follow up with anyone who took territories on the script and set a general meeting for you with them, as they're obviously a fan of your writing. Even if the spec didn't sell, it can lead to developing relationships with execs and them knowing you better. 35/

It's as hard as it's ever been to sell a feature spec. But it still happens. Less often than it did ten years ago and WAY less often than it did ten years before that... But it happens. 36/

The good news about feature specs is that it doesn't matter where you live. Doesn't matter whether it's the first script you've written or the twentieth. If it's a great script that people see a way to get made, they'll want to be in business with you. 37/

Hope this was helpful! It's a somewhat strange process, but one I've done many, many times over the last decade. As always, let me know if you have any questions or things that I could clarify. END