If u want to be a business educator but yet not interested in research activities in any university, then u dont need to get a PHD but with a PHD, your options will open and yr pay scale will be significantly different.
To be a business educator at a college or CC, then u would need to have a speciality in your specific area, area where u are so interested in teaching. In that case, then u will need a speciality masters, eg. masters in accounting then u can teach in accounting or a masters in finance to teach in finance, they may be cross disciplinary but a specialised one will help for sure. Getting an MBA will be a general masters for those who are more interested in the corporate world (my perspective).
As for your question in a masters in education, i do not think that is necessary, unless u are interested in the education dept or else, most colleges or CC will not require u to have an education cert, to have a specialised masters in yr own area would be more than sufficient. OF course, any additional previous teaching experience in yr own field would definitely add fuel to your credientials.