This article describes an exercise that develops students' capacity to identify ethical dilemmas, apply ethical frameworks, and consider ethical issues from multiple perspectives. The exercise consists of five interrelated activities that take place over the course of several weeks, with the central activity being a panel discussion featuring businesspeople from the local community. The exercise provides opportunities for students to work as a class, in small groups, and individually, and its culmination is a reflective essay that helps students internalize core concepts about business ethics. The exercise can be executed in a face-to-face class or a synchronous online environment.