It was recently argued that an ethically-complete normative theory of the firm requires a vision of a “nexus of imperfect duty” that complements the contractual vision of Coase, i.e. the latter being a nexus of perfect duty. It is shown here that this complete normative vision provides the foundation for an insightful explanation of the evolutionary development of the management team. This evolution is founded on an extension of the “unity theory” of virtue ethics as applied to the management team in the form of a “balanced development” theory. The impetus for this managerial team evolution is the maintenance of a type of balance in the nexus of dispositions towards imperfect duty (or virtues) as the unity theory suggests for the virtues of individuals. Methods for reinforcing this balanced evolution are also reviewed here. This nexus of imperfect duty approach poses an ethical norm for management that offers a fresh vision for managerial theory and analysis. It organizes insights into the interrelatedness of management functions, and the development of the managerial team. In this imperfect duty context, firm development is shown to be built upon efforts that “go beyond” expectations of management creativity.