That's actually a valid reason to spin off a business, especially if you happen to know you'll cross the inflection point in ~5 years. It isn't the same as the

That's actually a valid reason to spin off a business, especially if you happen to know you'll cross the inflection point in ~5 years. It isn't the same as the "legacy liabilities" game, though. Some investors want the growth business, some want the stable business, some want a cheaply-priced declining business (seriously; look into anything that pays royalties).