Do I still get paid out for banked overtime once the business changes hands?

Yes, in the sense that banked overtime you've genuinely earned doesn't just disappear because the business changed hands — it's compensation you're owed for work you already did, and a sale doesn't erase that debt. The practical question is who pays it and when. If your employment continues with the new owner without interruption, banked overtime is often simply carried forward and used or paid out under the same arrangement as before.

As between the seller and the buyer, the purchase agreement typically addresses who's actually responsible for outstanding employee liabilities like banked time — sometimes the seller pays it out before closing, sometimes the buyer takes it on as an assumed liability — but that's a matter between them, not a reason for you to lose the entitlement either way. If your employment is actually ending rather than continuing, banked overtime, like other earned but unpaid compensation, is owed to you as part of your final pay.

Before or right after a sale closes, get your banked overtime balance confirmed in writing by whoever is responsible for payroll, so there's a clear record if a question comes up later.