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This paper attempts to conceptually clarify and examine success factors for the establishment and subsequent sale of a successful small virtual organization, Millennium3, in the financial services sector in Australia.

The paper describes the concept of a virtual organization, outlines some distinct characteristics of virtual organizations and provides some historical and current background to Millennium3 (M3). It then provides a descriptive evaluation of outcomes from semi‐structured interviews with all M3 executives and, based on those interviews and organizational structure, examines its overall performance.

The following values describe how M3 conducts business: lifelong learning; teaching by example; interdependence; customer intimacy; all relationships founded on a win/win basis; and respect and courtesy.

The paper concludes with some critical success factors for M3 and gives the reader an idea how a corporation successfully works as a virtual organization.