Market conditions should directly influence your engagement structure. In bull markets, loan + call option structures can work well because strong demand supports price appreciation, making call option strikes achievable and aligning market maker incentives with organic momentum. In bear markets or periods of muted demand, retainer + working capital structures are generally preferable because they avoid introducing economically motivated sellers into a weak market. The key principle: The weaker the demand environment, the more important it is to minimize embedded sell pressure and maximize transparency.