The full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-prot purposes provided that:• a full bibliographic reference is made to the original source • a link is made to the metadata record in DRO • the full-text is not changed in any way The full-text must not be sold in any format or medium without the formal permission of the copyright holders.Please consult the full DRO policy for further details. This paper contextualises before summarising a conceptual framework for virtue ethics in organizations that has been developed by drawing upon the work of the moral philosopher Alasdair MacIntyre. Conducting empirical work with this framework is at an embryonic stage and so, having discussed methodological issues, the paper reports on findings from a longitudinal case study-based research project into the private equity owned organization Alliance Boots. It demonstrates the applicability of the conceptual approach and hence the presence of practices and virtues even within capitalist business organisations. It makes theoretical advances particularly in the relationship between internal and external goods. It proposes a mapping for virtue in organizations and uses this to conduct an organizational analysis of Alliance Boots and its predecessor organizations. The paper thus makes both theoretical and empirical contributions to our knowledge in the area of applied virtue ethics.