In my 9-5 job we routinely value businesses. So that's something that is fairly normal for me. I can say that I don't do that for agriculture businesses (including bee businesses and apicultural industries), typically because there isn't a "going concern" value to them. With most farmers, the value is in the land and the assets (some equipment, but usually not much there). So rather than sell the farm, they just sell the land on the open market. Some buy it to farm (rare) but most buy it as investment or to flip it, or to develop it.
But moving more to businesses in general, there are two main views when purchasing a business: asset valuation and income valuation.
It's a fairly simple evaluation. Just add up what it would cost you to purchase all the equipment somewhere else. That of course doesn't mean two people will come up with the same number. Some will value the whole equipment based on "replacement" value. Others value it based on "liquidation" value (auction sales). Some will value it based on replacement value, but discount the price based on the wear (usually considered market value). Some will try to increase the value slightly, based on a "whole business going concern" value, but at the same time others will decrease the value a little based on an ease factor (even if you did sell all of the equipment at market value, piece by piece, your costs to do so, including time, would greatly increase). Generally speaking though, market value is used most often.
This is harder in the bee industry, but it usually takes GROSS income projections for the next year (usually based on the past three to five years of growth) and puts a multiplier on it. The multiplier is different from industry to industry. If it's a stable industry, and you are getting hard assets for it (real estate, sellable equipment), a multiplier of 10-15 isn't unheard of. If the industry is unstable, you are getting mostly inventory (liquid assets), and the business would require considerable labor and efforts on your side, a 1-3 multiplier isn't out of the question.
Here, I think it would depend on what you are purchasing. Are you just getting the hives? Any automobiles with it? Any bottling equipment? Outyard locations? Are you getting purchaser lists with it? Pollination contracts? The more of these things you get, the greater you should be moving to an income valuation (in my opinion). The fewer, the better off you are using an asset valuation.
Keep in mind though, the one equation that is missing in all of this is the NET income. If you put a multiplier on GROSS income, but your expenses equal or exceed your income, your NET income may be little or nothing. Keep that in mind when valuing the asset. Good example, say the company is anticipating $225,000 gross next year, and you put a 1.5 multiplier on it, meaning it's sold for $337,500. Well if next year's expenses are anticipated to be $200,000, you only netted $25,000. It would take you 13.5 years to "pay it off". That's 13.5 years of building sweat equity before you turn around to zero. But, if your yearly expenses were $150,000, you'll end up "paying it off" in 4.5 years. All not including interest, if you get a loan.