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Case studies: the method, applied.

Three illustrative, hypothetical scenarios show how Zax works a mandate from situation to execution. They are not client engagements, and no outcome is implied.

Illustrative scenariosHypothetical
Important. The scenarios below are illustrative and hypothetical. They describe how Zax would approach a type of mandate. They do not describe actual clients, transactions or results, and they are not testimonials or endorsements.
Case study template

Situation, analysis, options, recommendation, execution.

Every Zax case study follows the same five-part structure, so a reader can judge the reasoning as well as the result. Real case studies will be published only with client consent and compliance approval.

Illustrative scenario01

Bridge financing decision for a VC shareholder

Segment · service
Board & shareholder · Bridge financing
Entities
Zax Advisory (Zax Securities if capital is placed externally)
Client
Hypothetical. No real client, company or outcome.
01 · Situation

A venture investor holds a meaningful minority stake in a Series B software company with about six months of runway. Management proposes an insider-led bridge ahead of a priced round. The investor must decide whether to lead, participate or decline, and on what terms.

02 · Analysis
  • Runway rebuilt from bank data and the operating plan, sized to the milestone that unlocks the next round
  • Instrument comparison: convertible note vs. SAFE vs. structured bridge, with dilution under three round outcomes
  • Insider vs. external lead: signalling risk, timing and execution certainty
  • Investor-by-investor impact, including pro-rata rights and preference stack
03 · Options
OptionTrade-offAssessment
Lead an insider convertible noteFast; aligned; concentrates exposureRecommended (illustrative)
Participate pro-rata onlyBalanced; depends on othersConsidered
Seek an external bridgePrice discovery; slower, less certainConsidered
DeclinePreserves reserves; signalling riskNot recommended
04 · Recommendation

Lead a bridge sized to a specific milestone, with a cap and discount benchmarked against comparable bridges and a maturity aligned to the round timeline.

The client decides. A named Zax principal owns the recommendation.

05 · Execution
  • Term sheet support alongside the investor's counsel
  • Coordination with co-investors
  • Post-close KPI monitoring in the Owner's Desk
Illustrative scenario02

Divestiture of a corporate joint-venture stake

Segment · service
Board & shareholder · Divestiture
Entities
Zax Advisory · Zax Securities
Client
Hypothetical. No real client, company or outcome.
01 · Situation

A corporate holds a minority stake in a joint venture that is no longer strategic. The shareholder agreement includes a right of first refusal and consent rights. The board wants liquidity without disrupting the commercial relationship.

02 · Analysis
  • Independent valuation: DCF, trading comparables and precedent JV transactions
  • Map of transfer restrictions, ROFR mechanics and consent requirements
  • Buyer universe: JV partner, strategics, financial and secondary buyers
  • Tax and structure considerations, with the client's advisers
03 · Options
OptionTrade-offAssessment
Negotiated sale to the JV partner (ROFR)Simplest; partner has leverageConsidered
Competitive process with ROFR overlayPrice tension; ROFR may chill bidsRecommended (illustrative)
Partial sale or structured exitRetains some upside; complexConsidered
HoldNo liquidityNot recommended
04 · Recommendation

Run a targeted competitive process to establish market value and present it to the partner under the ROFR, with timing set out in the shareholder agreement.

The client decides. A named Zax principal owns the recommendation.

05 · Execution
  • Sell-side process run through Zax Securities
  • Data room, buyer management and negotiation
  • Signing, consents, closing and funds flow with counsel
Illustrative scenario03

Capital raise for a growth-stage company

Segment · service
Company · Capital raising
Entities
Zax Advisory · Zax Securities
Client
Hypothetical. No real client, company or outcome.
01 · Situation

A profitable, founder-led growth company is considering its first institutional round. It wants to understand valuation, structure and the right investors, and it wants the process run efficiently.

02 · Analysis
  • Equity story and an operating model reconciled to its source data
  • Valuation range across comparables and growth-adjusted multiples
  • Structure options: primary, secondary component, structured equity
  • Investor targeting and sequencing by fit, not by volume
03 · Options
OptionTrade-offAssessment
Priced growth equity roundClean; sets a valuation markRecommended (illustrative)
Round with secondary componentFounder liquidity; price sensitivityConsidered
Structured equityHigher headline; complex termsConsidered
DeferPreserves ownership; slower growthConsidered
04 · Recommendation

A priced round with a targeted investor list, a defined process timeline and a data room prepared before launch.

The client decides. A named Zax principal owns the recommendation.

05 · Execution
  • Process management to term sheet
  • Placement agent role through Zax Securities
  • Closing coordination with counsel

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