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. 
I was thinking it was something else, thinking government etc.
If there is the demand, go for it, marketing is probably a very important thing there and the good one liability insurance but worth a try and maybe you can couple it with some other boating activity to earn some other dollars when things go quiet.
Not to be discouraging but you might find to capture all your customers you might have to work some weekends to teach those that work full time but it would be great being your own boss.
