Okay, I'm going to use "association" to mean the existing corp, and "division" to mean the new software development corp:
Did your division market its s/w to companies other than the association?
If so, did that interfere with requirements/priorities from the association?
Did you have your own marketing, accounting, staff, etc.? Your own facility? In other words, how "divorced" was the division from the association in operational and management structure?
Any pitfalls you ran into in the communication between the association and the division?
Anything you dealt with as the dev mgr which was obviously a holdover from the spinoff process being handled either well or badly?