i have a client that want's to sell a ice cream shop. how should i price it?

Where is the subject property located?? Seasonal or open all year round?
What financial info can you provide me and I will advise you accordingly...

Also, Franchise or Not....

What is Cap Rate? Franchise? Good Will + cost used equipment + years in business....must determine if profitable to establish a number. No value if not.

In addition to what has already been said...is he selling the business and the real estate? I am assuming he is selling both. I would take a look at the NOI and price at whatever is competitive in your local market via cap rate.

The ice cream business is one value and the land and building and improvements is another value - values arrived at separately and offered as a package. Business typically valued as a 4 or 5 x the NOI. Building / land should be able to be valued with comp sales of similar properties.