Thanks guys, I was interested to hear if there was a consistent theme of horror stories with VRs.

Anyway, what I am planning on doing is running Boat Licence Courses in both NSW and Vic, basically in the wider Riverina area as well as along the Murray River on the Vic side.  So it isn't so much as issue of taking clients from my current employer as we no longer offer boat licence courses in the same way we used to. 

Start up costs are minimal - $10-15k should see me up and running.  I definitely will not be putting the entire payout into buying an existing business or funding the new business.  If everything went horribly pear shaped, there would be enough in the payout to see us through for a good 12 months or more. 

Thanks again for the encouragement.......I will know who to blame if things don't work out.