4) Run a process. Don't get sucked into serial negotiations with potential buyers. Talk to everyone in parallel.

5) Reach out to international buyers and private equity funds, as well as their portfolio companies.

6) Be realistic on timing. It will take 6 to 18 months to get the deal done under current market conditions. There are exceptions, but strategy should not be created around the exceptions.

7) Pay attention to the customers during the process. Reassure them that you are seeking a better owner for the division. Customers can be amazingly loyal during the process, but only if you communicate well with them.

8) Put someone in charge of the deal -- someone who a) has bandwidth to manage the transaction, b) knows how to manage it. This can be your M&A advisor or a corporate development professional. A C-level executive with other responsibilities is probably the wrong choice. And avoid enrolling board members and others into a broad selling campaign, because that will only confuse the market.