You can put people in "groups" and assign which groups can see what on facebook. The problem comes in when they change the privacy settings and options so much that there are constantly breaches. IMHO, It is too risky if you don't want your worlds colliding.
I have two separate accounts. One for my Daycare and one for Friends/Family/Co-Workers. It is just better that way.
I did not get a business page, though, since I preferred the layout of a personal one. I just used ***** Daycare as my "first" and "last" name.
I post what curriculum we are doing that week, what parties are coming up, funny anecdotes, educational articles for parents, awesome sale/product info and hundreds of photos of my daycare kids.