Shellac works great as a barrier coat between oil stains and water bourne top coats.
There is often a situation where oil-based stains are used in conjunction with a water bourne top coat. This can create a problem of adhesion. At the least, the stain will need to cure for 4 or 5 days for the finish to bond properly. If, however you were to apply the stain, allow it to dry overnight, then apply a coat of dewaxed shellac, you could move ahead with the water bourne topcoat within several hours.
Water based finishes tend to have a 'cool' look, even over a stain. A coat of dewaxed shellac before the waterbourne top coat will help 'warm up' the end result.
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