1) Establish strategic goals and set up team
First, establish the strategic goals and objectives for the carve-out. The first step is to define the reasons for the carve-out as well as the desired outcomes. Desired outcomes may include reducing costs, divesting non-core assets from the business, increasing focus on core competencies, or simply improving financial performance. Many companies, such as Siemens, decided to carve out business units and list them on the stock market to achieve higher valuations and collect capital. Whatever your goals are, ensure that these goals are aligned with the overall business strategy of the company. As soon as you have your goals lined up, it is time to set up your team. Analyze your internal team for the necessary skills and competences and do not shy away from mandating external partners that can augment skill or capacity gaps in your team. This may involve engaging legal counsels, consultants, software providers and other external advisors.