I guess my story wasn't clear - I absolutely believe that's what he did.
He had told me early on that he was just wrapping up a job where he did something similar (not with Salesforce though). He contracted people to do the development at $30 per hour and charged the client $100 to do a $400K implementation. Not bad - a 70% markup for 10 months of work = $280K in his pocket while he was selling other jobs.