Ursula, do you work in the industry or are you a writer for hire ie. someone gives you a topic and you go research it and put an article together? You've got some good information up there but this had me smiling: There is no such thing as an "accurate valuation"! Find me a solicitor (?!) or accountant (or business broker) willing to provide an accurate valuation and I'll show you a con artist. Also, this: No, it doesn't! (Under certain conditions and in a certain type of sale TUPE applies, but the most common way to buy a business - the sale of shares - doesn't leave you with TUPE liabilities.) One thing is certain, selling a business is a complex affair and you need to have good advisers - son't believe everything you read on the internet - or you are highly likely to end up deep in brown stuff.