Asset Sale vs. Liquidation Value

The asset sale value assumes a going concern and therefore the Asset Sale figure would be inclusive of going concern status, goodwill, tradename and covenant not to compete (all intangible assets).  

In other words, the "asset sale value" is NOT a measure of the firm's asset value - it is a definitional concept as used by business brokers, business appraisers, attorneys, bankers, etc., and represents one of the two common "modes of sale" for private companies (either an "asset sale" - which includes inventory, FF&E and all intangible assets, or a "stock or equity sale" - which includes ALL assets and ALL liabilities).

The liquidation value is the closest figure to a value for the sale of tangible assets only - but after accounting for any debts on the balance sheet.