Considering spinning my department into a separate company

I'm considering spinning my department off into an IT consulting group. We're in health IT and have a fairly niche market. Me and my team are highly regarded in our field and I think that we could really make something happen. I'm in the brainstorming phase now and have not yet reached out to anyone on my team to gauge interest but I believe that the key players will participate. I also believe that I'd be able to get the support of my board provided that I can demonstrate a cost reduction for the company. What I'm thinking is that I'll form the new company, get governance in place and then sell our services back to my current employer at a fixed rate, essentially as our first customer. Can anyone with experience doing anything similar give me any advice on how to do this?

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