The problem with this is that well-run, boring, positive cash flow companies are really hard to find. All the obvious ones were snarfed up by previous variants of this play.

It *sounds* great, until you get to the messy reality that the firms you want don't need you. So you have to find and pitch them. And why would they say yes? Because they're looking for an exit, which is the opposite of what you said you wanted.

This is not to say it's impossible, but there's a reasonable case that it's going to be far harder than VCs think, who are used to people approaching them.