Family firms comprise between 70 and 90% of economic activity depending on the country or region, so the impact of family business ethics can be dramatic. In this conversation, Columbia Business School Professor Patricia Angus and IAE Professor Pedro Vazquez, discuss the impact of ethics on family firms and their stakeholders. Ethics start at the top of any business and, as owners of the firm, a family's behavior, norms and culture influence what happens at all levels of the business, including ownership, board, and employees.