I have a few current and former daycare families on FB and I kind of wish I didn't - especially after I read a thread on here about how a mom was mad her provider was posting about "looking forward to the weekend", or "having a rough week" type posts. I post that stuff all the time.
If I could do it over I wouldn't have friended them. You could make your wall and photos private from them but I'm of the mentality of why add me if you are going to block me from viewing your page??
I have a business page but I don't find it working too well for me - in order to invite people to it they need to be on my friends list. And it is public - you can not set photos to private on a business page.