For me, having been involved in a carve out and part of the IMO team on the targets side:
1) ensure everyone is aware, organisation wide, why this is happening, what will happen and when – good comms will be key.
2) from a specific IMO perspective, ensure you are all clear on the goals and KPI’s to be achieved – success factors etc, start with the end in sight.
3) Agree with Jerome, depending on the business model and focus points, rigorous project management is vital.