The article discusses the methods and approaches appropriate for the appraisal of a non stand alone business. A non stand alone business is a business which has lost its business independence in favor of its controlling entity. Normally, the key business decisions for a non stand alone business are made by its parent and the majority of sales and purchases are made within the group. As a non stand alone business does not fully control its own income stream, using the income approach to value the business is burdened with a high level of uncertainty. Consequently, the income approach may not be treated as a basis of value recommendation. In addition to the income method the author recommends three other approaches to appraise a non stand alone business and discusses their applicability and limitations. A small case study of a non stand alone business valuation is attached at the end of the article.