Use LIKE with wildcards is the simplest approach, but your values can not contain another value. Example as follows.
Code:
`cb_multicheckbox` LIKE '%VALUE%'
Now if you've VALUE|*|VALUE1 then the above will match both. Another approach is to use FIND_IN_SET and convert the delimiter. Example as follows.
Code:
FIND_IN_SET( 'VALUE', REPLACE( `cb_multicheckbox`, '|*|', ',' ) ) > 0