Why Lance Armstrong's Confession Should Make <em>You</em> Worry

Lance-o-Rama has broken out … again. But this time, we’re getting a confession. On air. On Oprah. Tonight.

While many people speculate about this being his first step towards redemption, a comeback, a new chapter in the doping arms race, the one thing nobody seems to be discussing right now is what L’Affair de Lance means for you.

After all, if you’re like most Americans, you watched the Tour de France for about five minutes, and cheered when Armstrong won. You know a little about his cancer charity, and that he dated a pop star. And that’s about the extent of emotional energy you’ve expended. Since I’ve written a lot about doping in sports – and delved into how anti-doping agencies like the United States Anti-Doping Agency (USADA) conduct business – I’ve expended a lot more energy on your behalf.

So here’s the thing you need to know: The USADA takedown of Armstrong matters, and it could effect everybody. Because it will enhance the power and reach of a private, non-profit business that has managed to harness the power of the federal government in what’s quickly becoming a brand new war on drugs … with all the same pitfalls brought to you by the first war on drugs.

The USADA is a private outfit. Yet it gets taxpayer money. And it has existed in this weird legal nether world since its creation in 1999 at the instigation of the International Olympic Committee, United States Olympic Committee, and President Clinton’s White House Office of National Drug Control Policy. The USADA is designated by the U.S. Congress as the company that handles anti-doping for this country, because the World Anti-Doping Treaty – a UNESCO-promulgated document that the U.S. signed with almost no discussion – obligates the U.S. to do a number of things, which includes conforming our laws to the international anti-doping code.

Nobody cared much about that treaty. And few care much now, really, because it was understood that anti-doping was about testing athletes, and mostly elite ones.

But the Armstrong case isn’t based on testing at all.

The USADA has wanted Armstrong for years. To it, and to the World Anti-Doping Agency (WADA), Armstrong was Moby Dick: If they could kill the whale – and do it without a raft of positive tests to show Armstrong doped – a new model of anti-doping would be enshrined into practice. And that’s just what happened.

Piggy-backing on a federal investigation, the USADA was able to pressure Armstrong teammates to confess to doping and implicate Armstrong … with no positive test results. It was an FBI-style investigation spanning multiple countries, but there was no “smoking syringe” found stuck in Armstrong’s arm.

Yet this is now the main model for anti-doping. Athletes will still have to pee in cups and have blood drawn from their arms, but anti-doping agencies are using the Armstrong case to justify a tremendous expansion of their investigatory powers.

In Australia and the United Kingdom, anti-doping agencies are part of the government — and they’re beginning to look like police bodies. The U.K. agency, headed by the former chief constable of the North Yorkshire police, has promised to boost investigations. It, along with WADA, has called on governments to form alliances with the international police body Interpol.

There was no ‘smoking syringe’ found stuck in Armstrong’s arm. Yet this is now the main model for anti-doping.

The Australian Anti-Doping Agency, meanwhile, went so far as to demand private medical records from hundreds of athletes so it could fish for anything suspicious. In an eerie echo of the tactics used by the American House Un-American Activities Committee during the Red Scare days, the Australian agency issued a call this past November “to anyone involved with, or has information about, doping activity in the sport of cycling to come forward and talk before someone else accuses them of doping.” If you talk first, you can get credit for snitching. If you wait, well, who knows what somebody else might say about you?

All of these state-sanctioned players – the Australians, the British, the Americans, and WADA — are hyping what they call “increased intelligence.” This includes anything from spying on athletes, to fishing through their garbage — and anything they find can be shared with “real” crime enforcers like the FBI (and vice versa). All of them have used the Armstrong case as illustration number one of why such actions are justified.

USADA chief Travis Tygart — who’s been talking like anti-doping’s Eliot Ness since the Armstrong story broke — has told me he’d like his own team of investigators. Let’s keep in mind that we’re talking about sports here: not terrorism, or even industrial espionage.

So while you might wish athletes didn’t dope — I do, too — and want action taken to combat doping, you might also want to be careful about what you’re wishing for. Especially since sports is taking on a broader definition that includes amateurs, low-level marathon runners, and even your kid’s high school football team.

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“Gangnam Style” takes top song prize at “K-pop Grammys”

(Reuters) – South Korean rapper Psy‘s quirky viral hit “Gangnam Style” took the prize for top song on Wednesday at the 27th annual Golden Disk Awards, a Korean pop event dubbed the “Korean Grammys.”

The two-day celebration of all things K-pop, including performances by superstars such as the boy band Super Junior, was held in the Malaysian capital of Kuala Lumpur before hordes of screaming fans, a testimony to the soaring popularity of Korean pop music around the world.

Nowhere has that been more apparent than with “Gangnam Style,” an infectious hit that made history last month when it became the first ever video on YouTube to reach 1 billion views, the latest record on the song’s surge into mainstream pop.

The tune won the Song of the Year award, the final prize.

The awards were only the latest accolades for Psy, 35, in what has been a whirlwind year for the chubby rapper, the first K-pop artist to achieve mainstream success in the United States as a result of “Gangnam Style.”

Decked out in a bow tie and suit jackets varying from pink to baby blue, and only a towel for one sequence set in a sauna, Psy raps in Korean and busts funky moves based on horse-riding in venues ranging from playgrounds to subways.

The song, released in July, was meant as a commentary on the rampant materialism of today’s South Korea – particularly in relation to the Gangnam section of the city, which Psy has termed Seoul’s Beverly Hills.

“My goal in this music video was to look uncool until the end. I achieved it,” Psy told Reuters in August.

The popularity of the song, which has prompted many copycat and parody videos, has added fuel to growing international interest in Asian pop music, especially the K-pop industry, which now aims to follow Psy into mainstream Western pop music.

Thanks to their youth, glowing image and the style of their songs and dances, K-pop fans have grown rapidly in Southeast Asia, formerly dominated by stars from the West as well as Hong Kong and Taiwan.

A Malaysian fan who queued for three days to get into the first night of the awards ceremony said she loved how the K-pop stars strived for perfection.

“K-pop stars have been working very hard, even before they make their first debut. They spend a lot of time practicing to become a perfect artist,” said the 20-something Tay Ching Ee. “This is what other artists should learn from them.”

The Golden Disk Awards began in 1986, with winners chosen based on album sales and digital downloads. The ceremony first ventured overseas in 2012, when it was held in Japan.

On Tuesday, the first night, Super Junior again won the best album award with their album “Sexy, Free & Single.” Boy band Shinee scooped the Most Popular Star prize.

(Additional reporting by Angie Teo and Belinda Goldsmith; writing by Elaine Lies; editing by Patricia Reaney)

Music News Headlines – Yahoo! News

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The New Old Age Blog: Officials Say Checks Won't Be in the Mail

The jig is up.

Two years ago, the Treasury Department initiated its Go Direct campaign to persuade people still receiving paper checks for their Social Security, Veterans Affairs, S.S.I. and other federal benefits to switch to direct deposit.

“At that point, we were issuing approximately 11 million checks each month,” or about 15 percent of the total, Walt Henderson, director of the campaign, told me.

After putting notices in every monthly check envelope, circulating public service announcements and putting the word out through banks, senior centers, the Red Cross, AARP and other organizations, the Treasury Department has since shrunk that number to five million monthly checks.

That means 93 percent of those getting federal benefits are using direct deposit or, if they prefer or lack a bank account, a Direct Express debit card that gets refilled each month and can be used anywhere that accepts MasterCard.

“So people have been getting the word and making the switch,” Mr. Henderson said. Now, federal officials are pushing the last holdouts to convert to direct deposit by March 1.

Although officials say the change is not optional, the jig isn’t entirely up. If you or your older relative does not respond to their pleading, “we’re not going to interrupt their payments,” Mr. Henderson said. But the department will start sending letters urging people to switch.

The major motive is financial: shifting the last paper checks to direct deposit or a debit card (only 2 percent of recipients go that route) will save $1 billion over the next decade, the department estimates.

But safety enters the picture, too. One reason some beneficiaries resist direct deposit, Mr. Henderson said, is that they fear their electronic deposits can be hacked or diverted. Having grown up in a predigital age, perhaps they feel safer with a check in their hands.

But they probably aren’t. In 2011, the Treasury Department received 440,000 reports of lost or stolen benefits checks. With direct deposit, “there’s no check lingering unattended in a mailbox,” Mr. Henderson noted.

The greater reason for sticking with paper is probably simple inertia. “It’s human nature to procrastinate,” he said.

But unless you or your relatives want a series of letters from the Treasury Department, it is probably time for the last fence-sitters to get with the program.

They don’t need to use a computer. People can switch to direct deposit, or get the debit card, at their banks or the local Social Security office. More simply, they can call a toll-free number, (800) 333-1795, and have agents walk them through the change. Or they can sign up online at www.GoDirect.org.

They will need:

1. Their Social Security number.
2. The 12-digit federal benefit number found on their checks.
3. The amount of the most recent check.
4. And, for direct deposit, a bank or credit union routing number, usually found on the front of a check. They can have direct deposit to a savings account, too.

A caution for New Old Age readers: If you think your relative has not switched because he or she is cognitively impaired and can no longer handle his finances, you can be designated a representative payee and receive monthly Social Security or S.S.I. payments on your relative’s behalf. This generally requires a visit to your local Social Security office, documentation in hand.

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Paula Span is the author of “When the Time Comes: Families With Aging Parents Share Their Struggles and Solutions.”

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DealBook: JPMorgan’s Board Uses a Pay Cut as a Message

Shortly after the markets closed on Tuesday afternoon, an emissary from JPMorgan Chase’s board of directors walked two flights down to the 48th-floor corner office of the bank’s chief executive, Jamie Dimon, to deliver a stark message. The board had voted to slash Mr. Dimon’s annual compensation for 2012 by half.

At first blush, the move appeared to be a stinging rebuke of Mr. Dimon for his failures of leadership that contributed to the bank’s multibillion-dollar trading loss last year.

But the pay cut was actually a message from the board to regulators and worried investors that it was a strong watchdog over the nation’s largest bank, according to several people with knowledge of the matter.

After facing criticism for its lax oversight, the board wanted to assert its position as a check on top management, according to the people, who declined to be named because the discussions were not public.

Mr. Dimon, who was the highest paid chief executive at a large bank in 2011, was unfazed when he heard the news. On Wednesday, Mr. Dimon said the board “had a tough job” in assessing how to reduce his total compensation for the year. He called the trading episode an “embarrassing mistake” and said, “I respect their decision.”

The decision came after back-to-back board meetings earlier this week where the head of the board’s compensation committee, Lee R. Raymond, the former chief executive of Exxon Mobil who is known for his no-nonsense style, made a compelling pitch to his fellow directors. The group, Mr. Raymond argued, needed to take swift, decisive action.

While a few members were initially skittish about the depths of the proposed cuts, the board voted unanimously to reduce Mr. Dimon’s pay to $11.5 million from $23.1 million a year earlier, according to the people. The directors also voted to release the results of internal investigations into the trading losses, which largely fault other top executives for the problems.

The extent of the cut took some JPMorgan executives by surprise when news of the compensation was disclosed on Wednesday along with the bank’s earnings, which surged to an annual record of $21.3 billion.

“Mr. Dimon bears ultimate responsibility for the failures that led to losses,” the board said in a statement. It added that upon learning the extent of the losses, he “responded forcefully.”

Still, the trading losses, which have swelled to more than $6 billion, have cast a long shadow over the board and management of the bank. Many of JPMorgan’s hallmarks that Mr. Dimon has trumpeted, from its deft management of risk to a deep bench of executive talent, have been partially undercut by the trading fiasco and ensuing upheaval.

Despite the board’s move on pay, some federal regulators are skeptical that the directors have prowess to adequately police risk, according to several current and former regulators with knowledge of the matter. Mr. Dimon, 56, who successfully steered the bank through the turbulence of the 2008 financial crisis relatively unscathed, still maintains a tight grip on the bank.

Some federal regulators worry that the board, which largely exonerated themselves in their internal investigation of the losses, cannot sufficiently push back against the hard-charging Mr. Dimon. Others, the regulators said, are concerned that the directors lack the financial acumen to rein in risky activities.

At the time of the losses, the board’s risk committee had three members, a smaller group than many of its major Wall Street rivals. Also troubling, the regulators said, the three included executives with little banking experience: the president of the American Museum of Natural History, Ellen V. Futter, and David M. Cote, the chief executive of the manufacturer Honeywell. Since the losses were disclosed, Timothy P. Flynn, formerly the chairman of the auditing firm KPMG, joined the risk committee.

Joseph Evangelisti, a JPMorgan spokesman, said, “This is the same board that brought us through the worst financial crisis in our history with flying colors.”

Since revealing the trading losses in May from a soured bet on complex credit derivatives, Mr. Dimon has exerted his powerful influence over the shape and direction of the bank. He has reshuffled the upper echelons of its management, claiming the jobs of some of his most trusted lieutenants. Two notable casualties are Douglas L. Braunstein, who ceded his role as chief financial officer in November, and Barry L. Zubrow, a former chief risk officer, who resigned as head of regulatory affairs late last year. Mr. Braunstein is a vice chairman reporting to Mr. Dimon.

Adding to the turmoil at the top of the bank, Ina R. Drew resigned as head of the chief investment office shortly after the trading losses were announced. Her precipitous fall was followed this year by the departure of James E. Staley, once considered a potential heir to Mr. Dimon.

To replace them, Mr. Dimon has elevated a group of younger executives, most of whom are in their 40s. Some bank analysts and executives at JPMorgan worry that the group does not yet have the institutional knowledge or experience of their more seasoned predecessors, according to several people with knowledge of the matter.

At a conference in San Francisco earlier this month, Mr. Dimon called the current group of executives “the strongest leadership team we have ever had in place.” He mixed his praise, however, with a sharp criticism of others at the bank in the aftermath of the trading losses. “Instead of helping, they were running around with their head chopped off,” he said. Some “acted like children” and wondered “What does this mean for me personally? How’s my reputation?”

At the same time, Mr. Dimon has emerged relatively unscathed. While critical of Mr. Dimon, an internal report, led by Michael J. Cavanagh, a head of the corporate and investment bank, leveled its most scathing attacks on the executives who directly oversaw the London traders who made increasingly outsize wagers in the bank’s chief investment office. “Responsibility for the flaws that allowed the losses to occur lies primarily with C.I.O. management,” the report, which was released on Wednesday, said. Also ensnared are Mr. Zubrow and Mr. Braunstein.

The cuts target Mr. Dimon’s bonus compensation. While his salary remained the same from a year earlier at $1.5 million, his bonus was whittled down to $10 million, paid out in restricted stock.

Still, Mr. Dimon has accumulated much wealth in his years at the bank. He owns bank shares valued at $263 million.

Ben Protess contributed reporting.

A version of this article appeared in print on 01/17/2013, on page A1 of the NewYork edition with the headline: JPMorgan Uses Big Cut in Pay To Send Signal.

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Helicopter crashes in central London, killing at least two people

LONDON -- A helicopter apparently crashed into a crane atop a high-rise building in central London during the morning rush hour Wednesday, falling to earth and killing at least two people, police said.

Video footage showed flaming debris on the ground where the chopper came down in the Vauxhall district of south London, close to the headquarters of MI6, Britain's spy agency.

Scotland Yard said two people were confirmed dead at the scene, with two others taken to the hospital. A fire official told the BBC that one of the dead had been aboard the helicopter. Authorities quickly cordoned off the area and shut down Vauxhall rail station.

[Update, 4:26 a.m. Jan 16: Later Wednesday morning, police said one of the dead was the chopper's pilot. The other victim has not been identified, but the helicopter was not believed to be carrying passengers, police said. 

"At this stage, it appears a commercial helicopter on a scheduled flight was in collision with a crane on top of a building under construction," Scotland Yard said in a statement. 

Police said seven people were treated on the scene for minor injuries. Six people were taken to local hospitals, all for minor injuries except for one person who suffered a broken leg.]

The crash occurred on a gray morning with thick clouds or fog lying low in the sky. Police did not speculate as to the cause of the crash, but the BBC reported that terrorism did not appear to be likely.

Nicky Morgan, a member of Parliament who was walking toward Vauxhall, told the broadcaster that she heard a huge explosion shortly before 8 a.m., a time when commuters and schoolchildren were going about their usual routine.

"I did wonder if it was a bomb explosion, because it was just such a loud bang," she said. "It was the thick black smoke that really meant that this is not right."

Helicopters are common in London, particularly around the city's financial district where many tall buildings are clustered.

The crash site is near the Nine Elms neighborhood south of the Thames, where the U.S. is planning to build a large new embassy.

ALSO:

Blue plaques that pay tribute to London's past may be history

Israeli soldiers kill Palestinian teen in West Bank confrontation

Egyptian lawyer gets 5 years, 300 lashes for Saudi drug conviction

 

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See a Real-Life <em>Mario Kart</em> Race Complete With RFID Bananas, Power-Ups

What Mario Kart fan hasn’t secretly dreamed of playing a real-life version of the Mario Bros-themed racing game? But while most people would be content with renting regular go-karts and using their imaginations really, really hard, two Texas engineers, Hunter Smith and Ben James, decided to make the dream a reality by creating an ingenious live-action version of the Mario Bros-themed racing game.

Where things really get amazing, however, are the RFID-embedded power-up item boxes suspended over the track by pieces of rope, which allow the player to collect items like bananas and turtle shells modeled on the original Mario Kart game — and actually affect their performance in the race. The mushroom item, for example, wirelessly activates tiny Servo motors that enable go-karts to speed up by accessing 100 percent of their throttle power.

“Ben and I grew up playing Mario Kart on Super Nintendo and Nintendo 64 so we’re both big fans,” Smith, the co-founder of Austin Texas-based Waterloo Labs, told Wired. We got the idea for the real-life Mario because we work with First Robotics Competition and they use same controller, software and motors. We got a few extra kits so we asked ourselves ‘What can we do with these competition kits that would be fun?”

The system details and source code for the project are available on the Waterloo Labs website, which volunteers that while there is no permanent set-up for Real-Life Mario Kart for enthusiasts to visit, “we would be happy to help you build your own!”

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Steve Harvey signs long-term, expanded deal with Clear Channel

LOS ANGELES (TheWrap.com) – Steve Harvey has re-upped with Clear Channel Media and Entertainment, entering a five-year contract that will continue his nationally syndicated radio program “The Steve Harvey Morning Show” and add new facets to his relationship with the media giant, Clear Channel said Tuesday.

Under the new agreement, Harvey and Clear Channel will work on a number of joint ventures, including the international expansion of his radio show – which currently reaches about 6 million listeners weekly on 70 radio stations in the U.S. via its syndication on Premiere Networks – as well as the development and creation of new programming and promotions.

Harvey will also team with Clear Channel on community, charitable and multimedia events, and serve as a spokesman for the company.

Calling Harvey “an unrivaled talent,” Clear Channel chairman and CEO John Hogan added, “As the leading media company in America, we continue to deliver the most relevant content and top personalities to diverse audiences across the country and Steve is a remarkable talent and incredible asset for Clear Channel Media and Entertainment.”

Harvey himself was more whimsical in discussing the new deal.

“It is my pleasure to be in business with the best!” Harvey exclaimed in a statement. “My life has been an amazing ride, and when you can do business in a big way, it makes the ride all the more amazing. Clear Channel Media and Entertainment and Premiere Networks have been great partners. Mama, here come that Man!”

In addition to his radio show – which Harvey created in 2000 and was added to Premiere’s national lineup in 2005 – Harvey continues to host the syndicated game show “Family Feud,” and launched his syndicated daytime talk show “Steve Harvey” in September. The show was picked up for a second season in January.

TV News Headlines – Yahoo! News

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Well: Exercise Can Boost Flu Shot's Potency

Phys Ed

Gretchen Reynolds on the science of fitness.

As this year’s influenza season continues to take its toll, those procrastinators now hurrying to get a flu shot might wish to know that exercise may amplify the flu vaccine’s effect. And for maximal potency, the exercise should be undertaken at the right time and involve the right dosage of sweat, according to several recent reports.

Flu shots are one of the best ways to lessen the risk of catching the disease. But they are not foolproof. By most estimates, the yearly flu vaccine blocks infection 50 to 70 percent of the time, meaning that some of those being inoculated gain little protection. The more antibodies someone develops, the better their protection against the flu, generally speaking. But for some reason, some people’s immune systems produce fewer antibodies to the influenza virus than others’ do.

Being physically fit has been found in many studies to improve immunity in general and vaccine response in particular. In one notable 2009 experiment, sedentary, elderly adults, a group whose immune systems typically respond weakly to the flu vaccine, began programs of either brisk walking or a balance and stretching routine. After 10 months, the walkers had significantly improved their aerobic fitness and, after receiving flu shots, displayed higher average influenza antibody counts 20 weeks after a flu vaccine than the group who had stretched.

But that experiment involved almost a year of dedicated exercise training, a prospect that is daunting to some people and, in practical terms, not helpful for those who have entered this flu season unfit.

So scientists have begun to wonder whether a single, well-calibrated bout of exercise might similarly strengthen the vaccine’s potency.

To find out, researchers at Iowa State University in Ames recently had young, healthy volunteers, most of them college students, head out for a moderately paced 90-minute jog or bike ride 15 minutes after receiving their flu shot. Other volunteers sat quietly for 90 minutes after their shot. Then the researchers checked for blood levels of influenza antibodies a month later.

Those volunteers who had exercised after being inoculated, it turned out, exhibited “nearly double the antibody response” of the sedentary group, said Marian Kohut, a professor of kinesiology at Iowa State who oversaw the study, which is being prepared for publication. They also had higher blood levels of certain immune system cells that help the body fight off infection.

To test how much exercise really is required, Dr. Kohut and Justus Hallam, a graduate student in her lab, subsequently repeated the study with lab mice. Some of the mice exercised for 90 minutes on a running wheel, while others ran for either half as much time (45 minutes) or twice as much (3 hours) after receiving a flu shot.

Four weeks later, those animals that, like the students, had exercised moderately for 90 minutes displayed the most robust antibody response. The animals that had run for three hours had fewer antibodies; presumably, exercising for too long can dampen the immune response. Interestingly, those that had run for 45 minutes also had a less robust response. “The 90-minute time point appears to be optimal,” Dr. Kohut says.

Unless, that is, you work out before you are inoculated, another set of studies intimates, and use a dumbbell. In those studies, undertaken at the University of Birmingham in England, healthy, adult volunteers lifted weights for 20 minutes several hours before they were scheduled to receive a flu shot, focusing on the arm that would be injected. Specifically, they completed multiple sets of biceps curls and side arm raises, employing a weight that was 85 percent of the maximum they could lift once. Another group did not exercise before their shot.

After four weeks, the researchers checked for influenza antibodies. They found that those who had exercised before the shot generally displayed higher antibody levels, although the effect was muted among the men, who, as a group, had responded to that year’s flu vaccine more robustly than the women had.

Over all, “we think that exercise can help vaccine response by activating parts of the immune system,” said Kate Edwards, now a lecturer at the University of Sydney, and co-author of the weight-training study.

With the biceps curls, she continued, the exercises probably induced inflammation in the arm muscles, which may have primed the immune response there.

As for 90 minutes of jogging or cycling after the shot, it probably sped blood circulation and pumped the vaccine away from the injection site and to other parts of the body, Dr. Kohut said. The exercise probably also goosed the body’s overall immune system, she said, which, in turn, helped exaggerate the vaccine’s effect.

But, she cautions, data about exercise and flu vaccines is incomplete. It is not clear, for instance, whether there is any advantage to exercising before the shot instead of afterward, or vice versa; or whether doing both might provoke the greatest response – or, alternatively, be too much and weaken response.

So for now, she says, the best course of action is to get a flu shot, since any degree of protection is better than none, and, if you can, also schedule a visit to the gym that same day. If nothing else, spending 90 minutes on a stationary bike will make any small twinges in your arm from the shot itself seem pretty insignificant.

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You're the Boss Blog: Ten Hard-Earned Lessons About Selling a Business

My last three posts have focused on Holly Hunter and her business sale that went bad. I want to thank Ms. Hunter for allowing her story to be told. Although she made some mistakes, she was willing to talk about them in the hope that others might learn from her experience.

But those mistakes are hardly unique to Ms. Hunter. In fact, many business owners have had similar experiences. The most important step owners can take when they think about selling their business is to make sure they understand the sales process. Once you start down the road, you’ll enter an alternate universe where the unexpected becomes the norm. Dealing with the unexpected is easier if you follow best practices.

If you decide the time is right to sell, here are 10 lessons that owners like Ms. Hunter have learned the hard way.

1. Hire an experienced team of advisers. You have spent years building your business, and you usually get only one shot at selling it. Having a team of advisers — an accountant, a business intermediary or broker, an attorney, a financial adviser and a business generalist — who have been down this road many times is crucial.

2. Use an intermediary to sell your business. Going through the sale of your business can be very difficult. You need an experienced intermediary or broker who will speak with the other party and represent you and only you in the sales process. Sellers who represent themselves almost always make mistakes that cost them time and money. This is not a time to cut corners in professional fees.

3. Make sure your advisers work only for you. As we saw with Ms. Hunter, her business broker was representing both sides of the deal. When this happens, the broker usually ends up working for no one — and problems occur.

4. Accept that the person who buys your business will change it. Most buyers have their own ideas about how things should be done. If your sale involves an earnout or seller financing, you want to make sure the seller’s actions won’t limit your ability to get paid any deferred money that is owed you.

5. Make sure you tie your most important employees to the business. Have them sign employee agreements that can be transferred to the new owner. The new owners may want you to stick around for a transition period, but they will want your main people to stay longer. Making sure they stay and don’t disrupt the company while it’s in transition is crucial to a successful sale.

6. Be sure your business continues to run well throughout the sales process — even when the sale becomes an all-consuming project. If sales fall through and the company falters while the owner is selling the company, it can hurt or even ruin a sale.

7. Be prepared for due diligence. It can feel like a colonoscopy and its real purpose may be to help buyers reduce the price they have to pay, but there is no getting around it. When businesses are getting ready to sell, I recommend  that they go through a mock due diligence process. This can help you figure out where your company’s weak points are and allow you to prepare responses for a potential buyer.

8. Get a personal financial plan done before trying to sell. One of the most common reasons seller’s remorse exists is that sellers often find out that they didn’t end up with enough money to reach their goals. A financial plan will help you determine how much money you need and set reasonable expectations.

9. Know what you will do with yourself after you sell the business. I’ve seen many sellers lose their way in life when they have no place to go. Before the sale, you were most likely spending between 40 and 60 hours a week at your business. You need to find a way to fill that time meaningfully.

10. Make sure you follow best practices even for the little things. Start, for example, by making all interested parties sign a non-disclosure agreement that has teeth. If possible, have an offering memorandum produced. Have a letter of intent in place with your buyer before you start to show sensitive corporate materials. Have a purchase and sales agreement that lays out the terms of the sale but also protects you after the sale from being sued by the buyer, the government or regulatory agencies.

Following the items above does not guarantee a happy outcome. But if you know what you’re getting into and have taken the time to follow best practices, you’ll be more likely to get the result you want. Remember, at the end of the day, it’s about using common sense. As we’ve seen over the last several weeks, it’s easy for common sense to go out the window in a business sale.

What have I missed in this list? What do you think are the most important things to check off as you sell a business?

Josh Patrick is a founder and principal at Stage 2 Planning Partners, where he works with private business owners on creating personal and business value.

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Big rig accident closes 5 Freeway near Elysian Park

By Nicole Santa Cruz

January 15, 2013, 6:10 a.m.

All lanes of 5 Freeway near Elysian Park are expected to be closed until at least 9 a.m. as the result of a big rig crash, officials said early Tuesday.

At about 3:16 a.m., a driver lost control of a big rig, which hit the center divider and caught fire near the 2 Freeway, said Officer Ed Jacobs of the California Highway Patrol. No injuries were reported in the accident.

Traffic was backed up for miles in both directions as a result of the freeway closure. All lanes in both directions are expected to be closed for hours, Jacobs said.

Traffic is being diverted off the freeway at Fletcher Drive on the southbound side and at Stadium Way on the northbound side, officials said. Jacobs urged drivers to use an alternate route.

"You don't want to go in that area in general," he said. "It will affect traffic through the morning commute."

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';
shareDiv.innerHTML = templateHTML;

/* append the new div to the end of the document, which is hidden already with CSS */
document.body.appendChild(shareDiv);

/* Store the div in both a regular JavaScript variable and as a jQuery object so we can reference them faster later */
var shareTip = document.getElementById('shareTip'),
$shareTip = $('#shareTip');

/* This extends our settings object with any user-defined settings passed to the function and returns the jQuery object shareTip
was called on */
return this.each(function() {
if (options) {
$.extend(settings, options);
}

/* This is a hack to make sure the shareTip always fades back to 100% opacity */
var checkOpacity = function (){
if ( $shareTip.css('opacity') !== 1 ){
$shareTip.css({'opacity': 1});
}
};

/* Function that replaces the HTML in the shareTip with the template we defined at the top */
/* It will wipe/reset the links on the social media buttons each time the function is called */
var removeLinks = function (){
shareTip.innerHTML = templateHTML;
};

/* This is the function that makes the links for the Tweet / Share functionality */

var makeURLS = function (link, message){
/* Here we construct the Tweet URL using an array, with values passed to the function */
var tweetConstruct = [
'http://twitter.com/share?url=', link, '&text=', message, '&via=', settings.twitter_account
],
/* Then join the array into one chunk of HTML */
tweetURL = tweetConstruct.join(''),

/* Same story for Facebook */
fbConstruct = [
'http://www.facebook.com/sharer.php?u=', link, '&src=sp'
],

fbURL = fbConstruct.join(''),

newHTML = [
''
],
shareHTML = newHTML.join('');
/* Load in our new HTML */
shareTip.innerHTML = shareHTML;
};

/* Since the shareTip will automatically fade out when the user mouses out of an element */
/* we have to specifically tell the shareTip we want it to stay put when the user mouses over it */
/* This effectively gives the user a 500 ms (or whatever) window to mouse */
/* from the element to the shareTip to prevent it from popping out */
$shareTip.hover(function(){
$shareTip.stop(true, true);
$shareTip.show();
checkOpacity();
}, function(){
$(this).fadeOut(settings.speed);
});

/* This function handles the hover action */
$(this).hover(function(){
/* remove the old links, so someone doesn't accidentally click on them */
removeLinks();

/* If there's already an animation running on the shareTip, stop it */
$shareTip.stop(true, true);

var eso = $(this),
message,
/* Store the width and height of the shareTip and the offset of the element for our calculations */
height = eso.height(),
width = eso.width(),
offset = eso.offset(),
link;


link = eso.children('a').attr('href');
message = escape( eso.find('img').attr('alt') ) || eso.attr(settings.message_attr);

if (link.search('http://') === -1){
link = 'http://www.latimes.com' + link;
}
link = encodeURIComponent(link);

/* If it's at the top of the page, the shareTip will pop under the element */
if (offset.top

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