Advisory: we do the work.
Zax runs the analysis, frames the decision, brings the deal flow and executes. We work for startups and private companies, and for the boards and shareholders who back them.
Execution, not slideware.
Two client segments, one integrated team. Senior principals lead every mandate. A bench of research and diligence agents makes deep coverage economical, and a named principal owns every recommendation.
The work itself
Models, valuation, diligence and scenarios, built from cited sources.
The decision
Board-ready options, trade-offs and a clear recommendation.
The deal flow
Investors, buyers and counterparties, reached through relationships and research.
Through close
Process management through signing and closing, coordinated with counsel.
Startups & private companies
For founders and management teams raising capital, setting strategy or needing an independent view of value.
Capital raising advisory
Equity story, model, investor targeting, data room and process management, with a placement agent role through Zax Securities.
Retainer + success fee (via BD)Strategy development
Market sizing, positioning, operating plan, KPI architecture and a strategy ready for the board.
Fixed-fee projectValuation services
Independent valuation, 409A-style support, financing-round and fair-value analysis, and scenario and cap-table modelling.
Fixed fee per valuationBoards & shareholders
For VC, PE, corporate and CVC investors, angels and family offices. These are any shareholders who must make a decision about a position they hold.
Round participation
Pro-rata and follow-on analysis: updated valuation, dilution and return scenarios, signalling risk and a recommendation memo.
Fixed fee or retainerBridge financing
Bridge sizing, instrument design (convertible notes, SAFEs, structured bridges), insider-led vs. external options and terms benchmarking.
Fixed fee; success fee if placed via BDSpecial situations & restructuring
Liquidity runway analysis, distressed options (recapitalization, down round, structured equity, wind-down, sale) and creditor and stakeholder analysis.
Monthly retainer + transaction feeDivestitures & secondary sales
Sell-side advisory for stakes and businesses, secondary processes (direct secondaries, tender offers, LP-interest sales) and buy-side advisory.
Success fee (via BD)Valuation & fairness analysis
Independent valuation and fairness-style analysis for boards and special committees.
Fixed feeIndependent board advisory
Board observer support, KPI oversight programs, 100-day plans, and CVC and JV governance.
RetainerFee bases describe common market structures and are not quoted Zax terms. Transaction-based success fees are charged only through the registered broker-dealer. Formal fairness opinions are issued only with counsel review and an internal opinion committee.
How Zax structures a decision.
Pick a situation to see how a mandate moves from diagnosis to options to decision to execution. Each framework is illustrative and is tailored for every engagement.
“Should we take our pro-rata in the next round, go above it, or step back?”
01 · Diagnose
- Updated valuation vs. entry and last round
- Dilution and return scenarios by participation level
- Signalling risk to new investors
- Company runway, KPIs and plan credibility
02 · Options set
- Take full pro-rata
- Super pro-rata (if allocation exists)
- Partial participation
- Decline; preserve reserves
- Sell a portion via secondary
03 · Decide
- Recommendation memo with scenarios
- Decision requested from the client board or shareholder
- The client decides. Zax advises.
04 · Execute
- Recommendation memo to the investment committee
- Terms review alongside counsel
- Allocation and side-letter coordination
“The company needs runway before its next priced round. How much bridge, on what instrument, and who leads it?”
01 · Diagnose
- Bridge sizing to milestone, not to a date
- Instrument design: notes, SAFEs, structured bridges
- Insider-led vs. external options
- Terms benchmarking and investor-by-investor impact
02 · Options set
- Insider-led convertible note
- SAFE with cap / discount
- Structured bridge (warrants, seniority)
- External bridge investor
- No bridge; restructure plan
03 · Decide
- Recommendation memo with scenarios
- Decision requested from the client board or shareholder
- The client decides. Zax advises.
04 · Execute
- Term sheet negotiation support
- Placement through Zax Securities if external capital is raised
- Funds-flow coordination with counsel
“Runway is short and the plan has broken. What are the realistic paths, and what does each mean for each stakeholder?”
01 · Diagnose
- Liquidity runway and cash-burn analysis
- Creditor and stakeholder map
- Recapitalization and down-round math
- Wind-down and sale values
02 · Options set
- Recapitalization
- Down round with pay-to-play
- Structured equity
- Sale of the business or assets
- Orderly wind-down
03 · Decide
- Recommendation memo with scenarios
- Decision requested from the client board or shareholder
- The client decides. Zax advises.
04 · Execute
- Monthly restructuring support
- Process management through signing
- Transaction execution via Zax Securities
“We want liquidity on a stake, or to exit a JV or business line. What is it worth, who buys it, and how do we run the process?”
01 · Diagnose
- Independent valuation and fairness-style analysis
- Buyer universe: strategic, financial, secondary
- Transfer restrictions, ROFRs and consents
- Tax and structure considerations, with advisers
02 · Options set
- Direct secondary sale
- Structured / partial sale
- Tender offer participation
- LP-interest sale
- Hold and re-evaluate
03 · Decide
- Recommendation memo with scenarios
- Decision requested from the client board or shareholder
- The client decides. Zax advises.
04 · Execute
- Sell-side process run through Zax Securities
- Data room and buyer management
- Signing, closing and funds flow
“We are raising our next round. What should the equity story be, who should we target, and how do we run the process?”
01 · Diagnose
- Equity story and operating model
- Valuation range and structure
- Investor targeting and sequencing
- Data room readiness
02 · Options set
- Priced equity round
- Structured equity
- Venture debt alongside equity
- Strategic investor
- Defer and extend runway
03 · Decide
- Recommendation memo with scenarios
- Decision requested from the client board or shareholder
- The client decides. Zax advises.
04 · Execute
- Process management to term sheet
- Placement agent role via Zax Securities
- Closing coordination with counsel
Six stages, each with a human gate.
A conflicts check and wall-crossing come before every mandate. Transaction stages run through Zax Securities, which carries its own supervisory obligations.
See the method applied.
Three illustrative scenarios walk through situation, analysis, options, recommendation and execution.