Ever Try Joint Ventures with Mobile Marketing?

Has anyone ever approached a business with the idea of helping the business owner build a list of SMS subscribers with the thought of doing a joint venture on future promotions using that list?

So rather than approaching them as a mobile marketing salesman, asking them if they would consider sharing a percentage of profits generated by future campaigns. Kind of like the Jay Abraham concept of "for every new dollar I bring to your business, would you be willing to give me 10 cents back?"

For example, there is a youtube video of a shoe salesman (I think his user name is shoeguy) turned mobile marketer, and he tells the story of how he grossed $120K in one day by sending out a text message to 1500 of his customers. He gave the list first crack at his shoe sale the day before it was official.

So a 10% joint venture on that kind of campaign would have paid the marketer $12,000. Not too shabby.

My thinking is that if a business owner had to fork over that kind of money for just one campaign to a list, he would jump at the chance to only pay $1000-2000 per month to the mobile marketer. Just curious if anyone has ever used this approach with a business owner.