How to value of a business on a personal financial statement?

[Diem Tran]

Hi Everyone!

Could you please tell me how I would value a business for a personal financial statement that I would be submitting to a bank for a commercial property loan? 

I own a photography studio.  I lease the space in a shopping strip plaza.  All the equipment in the business I own free and clear.  Common sense tells me to add up the value of the equipment.  But what figure should I use?  Purchase price, cost of replacement, or what its worth now - used? 

What about goodwill or the income or potential income in the years to come? 

This is my job full-time.  Not only do I get a w-2, I also get a K-1 at years end.

I would ask my CPA but I don't have one. And I doubt that I could find one to see me this weekend. (I'm submitting my financial statement on Monday).  

Please help.  Thank you in advance?

D