That's not entirely accurate. Facebook has more data useful to them on any given business than the business owner. They have a set of categories that you may or may not fit into. They have a geolocation probably. They have a list of check-ins. They have any user-submitted photos (which become check-ins). However, the actual amount of useful data catalogued by Facebook is paltry; their basic approach is "pssst - you checked in at this place, tell us everything you know about it!" which gives them an "ask random strangers in the crowd"-level intelligence. More than that, the business owner has to tell Facebook. The categories they auto-propagate when you purchase advertising is pathetic. Facebook is not an intelligent agent. It's a big messy blob of uncollated, uncorrelated factoids.