Family-owned businesses are a common business model and constitute more than 70 percent of the overall businesses of many countries. They contribute to the economic values of nations in terms of growth in GDP and employment creation. However, family-owned businesses in Nigeria are faced with some challenges such as corruption, lack of trust, fear on the part of the founder in losing control, and the lack of antitrust laws and implementation to protect small firms from unethical practices of big firms. Consequently, this study examined ethical values that drive success in family-owned businesses in Lagos, Nigeria. A survey was conducted through questionnaires and it was found that integrity, among other values, is the most important values that accounts for successful family-owned businesses.