diff --git a/arch/m68k/lib/board.c b/arch/m68k/lib/board.c
index 794b8679fe..e934cb6c25 100644
--- a/arch/m68k/lib/board.c
+++ b/arch/m68k/lib/board.c
@@ -402,14 +402,14 @@ void board_init_r (gd_t *id, ulong dest_addr)
 
 	gd->flags |= GD_FLG_RELOC;	/* tell others: relocation done */
 
-	serial_initialize();
-
 	debug ("Now running in RAM - U-Boot at: %08lx\n", dest_addr);
 
 	WATCHDOG_RESET ();
 
 	gd->reloc_off =  dest_addr - CONFIG_SYS_MONITOR_BASE;
 
+	serial_initialize();
+
 	monitor_flash_len = (ulong)&__init_end - dest_addr;
 
 #if defined(CONFIG_NEEDS_MANUAL_RELOC)