To perform an asset-based valuation, follow these steps: 1. Identify all assets: List both tangible (e.g., buildings, equipment) and intangible assets (e.g., patents, trademarks). 2. Determine asset values: Use market value or book value to estimate the worth of each asset. 3. Subtract liabilities: Deduct any outstanding debts or liabilities from the total asset value. 4. Calculate net asset value: The result is the net asset value, which represents the business's worth based on its assets.