Asset based approaches determine value based on the underlying value of the individual tangible and intangible company assets. Values are typically based on estimated fair market value or liquidation value of tangible assets. Tangible assets may include furniture, fixtures, equipment, inventory and vehicles. Intangible assets may also be included for transferrable licenses, customer lists, brands, contracts, or other intangible that may be sold and transferred to a new party. Asset based approaches are typically used when the company's going concern is in jeopardy, and its operations may be short lived, therefore goodwill is not included in estimates. At times, the use of specialists may be required to provide value estimates of certain technical or specialized equipment.