Spin up a box for the SEPM and a box for SQL.
There's not much to it though, you install the SEPM and during the setup point it to the SQL box to create the DB.
This article goes into detail:
http://www.symantec.com/docs/HOWTO80785
Thanks Brian. Seems simple but I didn't want to interfere with the existing production server. Should the new sepm be setup as a new site?
It will be completely separate from the prod SEPM since you have them on separate boxes. It will be its own site and will have no relation to the existing setup.
Happy to help! Feel free to reach out if you need anything.
Thanks again Brian! Always enjoy your input to the forum.