CFO-for-Hire?

Anyone have experience / know someone with experience forming a company to offer CFO-for-Hire / fractional CFO services?

The idea would be to do it with a partner - someone I have worked with previously and trust. We would position our offering to be the more strategic side of CFO responsibilities, e.g. capital raising and financing, planning and executing acquisitions, assessing significant capital projects, monetization preparedness and execution, etc.

We would target private companies in the $5M - $100M revenue range, illustratively. These often have "CFOs" that are more so glorified controllers. Don't often have the resources or desire to pay for a quality, full-time CFO. We would come in and sell either x hours per month for an hourly fee, or get engaged on a project-by-project basis. We could do it cheaper than large professional services firm and be more "dedicated" to clients.

Depending on the client, could be attractive to negotiate part of our comp in equity.

Part of what makes this appealing to me is the ability to be truly in-the-market, eat what I kill, work with clients on longer-term basis and flexibility in lifestyle. Of course more risk than a recurring paycheck, but I think that would provide more motivation. From a network perspective it would also be tremendous. Ideally I'd like to accumulate positions in a range of different private co's but that is somewhat of a different topic.

Anyone have thoughts / experiences to share?