From time to time, every business owner thinks about selling his or her business. If you hope to sell yours someday, it’s never too early to think about how to attract buyers — and get top dollar. Here are some time-tested tips for positioning your business for a profitable sell.

1.Show a consistent profit.

If you have the luxury of a two- or three-year lead time before marketing your business, there are several ways to boost your profit. For starters, keep your workforce lean. You may be able to replace two inefficient workers with one productive one. You can also upgrade equipment and software for greater efficiency.

Don’t automatically renew maintenance and service contracts. Get competitive bids to help trim costs. And consider closing down parts of your business that don’t contribute sufficiently to your bottom line.

Get rid of excess inventory. Have a stock reduction sale, or sell the excess to another business. Unnecessary inventory takes up expensive space and increases the chance that you’ll end up with too many stale goods.

2. Resolve outstanding legal issues.

No prospective buyer will want to inherit potential claims by unhappy customers or disgruntled employees. Similarly, the fear of having to pay for an environmental cleanup is a huge turnoff. So if you’ve been receiving demand letters from an angry employee you recently fired, or you fear that an inspection will reveal a toxic waste problem, now’s the time to resolve the problem.

3. Demonstrate that accounts can be collected.

If you’re going to include accounts receivable as part of your sale, you’ll need to show a buyer that they’re collectable. Put together an aging chart that shows how long the bills have been outstanding. Also show the historical average as a point of comparison. Settle with the slow pays and write off the deadbeats.

Since the ability to collect a given bill is never a 100 percent sure thing, the buyer may still expect some discount on the value of accounts receivable — but if your collection rate is high, that discount shouldn’t be too steep.

4. Maintain a clear financial system.

Your accounting protocols should be clear and consistent from year to year. Income, costs, and cash flow should be self-evident. A shoebox full of check stubs and deposit slips won’t do the trick — nor will profits manufactured by questionable or overly aggressive accounting tactics. For example, avoid suddenly shifting from expensing to capitalizing the costs of developing new services in an effort to increase short-term revenues.

5. Provide a convincing business plan for the future.

The buyer will want to build on what you’ve done in the past and hopefully do it even better. You need to fire the buyer’s imagination with specific ideas on where to go from here. Start with a well-written business plan — one that the buyer can use as a roadmap for getting from Point A to Point B.

Among other things, your plan should address industry trends, where new customers will come from, how sales to existing customers can be increased and how your business can be more competitive.

6. Secure beneficial relationships with suppliers and customers.

Good ongoing relationships with customers and suppliers can be a compelling reason why a buyer might prefer your business over another similar one. If your business is a corporation or an LLC, try to sign long-term contracts with key customers and suppliers. These should be contracts that will remain in effect regardless of who owns the business.

Less formally, you can introduce prospective buyers to your important customers and suppliers, and seek a verbal commitment that past relationships will continue.

7. Lock in the lease.

A buyer may want to be sure a favorable lease will remain in place. Negotiate with the landlord for a lease with an option to renew — and make it clear in the lease that it can be transferred to a new owner.

8. Disclose all relevant information — even negative facts.

A buyer wants to trust you. It’s a mistake to leave it to the buyer to discover negative facts about your business. So if a contract with a major supplier is about to end, tell the buyer about it upfront. Presenting negative as well as positive information helps the buyer see you can be trusted.

9. Get the premises in shape.

You’ll want to apply a fresh coat of paint and fix broken windows and cracked tile — but that’s just the beginning. Look at your workplace from top to bottom. It may be time to install better lighting or signage, replace old carpet, install new bulletin boards, and get rid of 10-year-old posters.

10. Provide a clear picture of how you get compensated.

You’ll certainly tell buyers about any salary, bonuses and fringe benefits you receive. But you can also give them a list of non-cash perks, such as business-related travel or a business car that may be treated as a tax-deductible expense.

And point out ways your business benefits family members or others who are close to you. For example, maybe your business provides summer employment for your child, or maybe you hire your spouse or other relative and pay them a decent salary. This can open up attractive possibilities to prospective buyers.