Structuration theory helps to explain the role of human agency in the reciprocal relationship between social systems and structures, which Giddens called the "duality of structure." The theory explicates how power struggles emerge and are negotiated and, depending on the restructuration, can help to resolve conflict or lead to deteriorations and dysfunction. Research has reported that at least 60% of corporations are privately held and backed by venture capital. The relationships among investors, the corporate board members, and operating officers are strategic relationships that can build or destroy a venture. I used structuration theory to frame a case study of a power struggle over control of a private firm that evolved among investors and board members. This article describes the structuration processes that contributed to functional and dysfunctional outcomes, with implications for performance improvement specialists and human resource development practice and research. (Contains 4 figures and 2 tables.)