International consultancies often distinguish between a strategic and an operational part of a carve-out. Mostly, these parts are performed by separate teams. This is based on the understanding that stategy happens only in the beginning and thereafter the carve-out is simply a matter of project management. This is wrong. Certainly key strategy decisions are taken in the beginning, but strategic thinking is needed until Closing to to turn an undesirable asset into a prom queen.
Want to find out more? Make sure you read our 4th "New View on Carve-Outs", co-authored with Nicolas Cohen-Solal, Tom De Troyer, Nick Neil-Boss, William Berger, Jean-Christophe Fuzzati and Yoann Darcet-Gil.
And stay tuned for episode #5, coming up this Wednesday!