Advice on valuation of daycare: business + property. Anyone?

[Kevin Zwieg]

Looking for some advice on valuation of an existing day care. My wife and I are looking at purchasing an existing business + property in the area. We are early in the process as we have not had an opportunity to comb through the financials, yet. 

The real estate valuation seems straight forward: appraisal and/or income method based on similar commercial spaces and cap rate...

The business, beyond assets less liabilities seems more fuzzy to me...how much value for the existing clientele, a good reputation, etc? 

Ultimately, we will be making the decision based upon our comfortability with the cash flow situation vs. our time investment, but any insight and expertise on sale/acquisition of this type of business would be appreciated!