About the buyer

• Name: Alastair Prenn

• Background: Startup operator, ex-athlete, business buyer  

• Industry: Machine Shops (Manufacturing)  

• The challenge: Breaking into business ownership through acquisition, navigating the fragmented world of M&A

The search for the right business

Alastair Prenn’s journey began like many entrepreneurial stories: with a career detour and a moment of clarity. After working at a startup that fizzled out due to a lack of funding, Alastair searched for the next big thing. The job market was tough, but a piece of advice from a family friend- find a founder who’s exited and team up - sparked his interest in business acquisition.

He dove into the world of ETA (Entrepreneurship Through Acquisition) and discovered SBA loans. “It sounded like bullshit,” he admits, “but I thought, ‘I could afford this down payment. Why not?” With entrepreneurship running in his family, Alastair felt compelled to own and operate a business.

Developing a thesis and a pipeline

Alastair’s search started broadly: HVAC, electrical, even a kitchen hood cleaning company in California that still crosses his mind. But after months of searching, he realized he needed a clear vision for what he wanted to buy and why.

A breakthrough came when he learned about a software company (where his father was an investor) that increased efficiency for machine shops. The industry was fragmented, and OEMs like Boeing and Lockheed were demanding more professionalized supply chains. “Sixty percent of the cost of an F-35 is just from delays,” he notes. That insight became his north star.

With this focus, Alastair started targeting machine shops and building a robust pipeline. Over nine months, he reviewed 416 listings, contacted brokers for 74% of them, and signed NDAs on 60%. The result: 114 Confidential Information Memoranda (CIMs) reviewed, six LOIs submitted, and one deal currently in due diligence.

Building the right team

Alastair didn’t go it alone. He brought on a business partner, a family friend with deep experience in consulting, M&A, and business operations. “For him, this is a walk in the park,” Alastair laughs. Together, they also tapped two UK-based machine shop veterans for industry expertise, enabling them to ask brokers and sellers the right, technical questions.

Why Baton?

Like many buyers, Alastair was frustrated by the inefficiency and opacity of traditional broker platforms. “The only thing that seems to work is if the broker’s any good,” he says. Baton’s platform stood out for its clean interface, structured process, and responsive advisors. “You weren’t just being a dog chasing a bone,” he recalls.

From “hello” to diligence

Alastair discovered Baton while Googling “machine shops for sale.” The listing was a perfect fit: aerospace machining in California, a business he could see himself running. The process was straightforward- information was well-organized, communication was prompt, and the advisor, Reid, was “really, really useful” in navigating tough conversations and deal structuring.

What worked

1. Extensive initial data room: Baton provided more data up front than other platforms, reducing back-and-forth.  

2. User interface: A clean, modern platform built on trust.  

3. Advisor quality: Reid acted as a true intermediary, balancing the interests of buyer and seller.  

4. Responsiveness: Quick, clear communication kept the process moving.

Alastair’s tips for aspiring business buyers:

1. Follow up relentlessly: “Just getting on the phone helps,” he says. Brokers are inundated, so persistence is key.  

2. Show industry knowledge: Prepare technical, industry-specific questions to demonstrate legitimacy to brokers and sellers.  

3. Build a funnel: Track your outreach and conversion rates. Expect a significant drop-off at each stage.  

4. Be ready to move fast: In competitive deals, sometimes you’ll need to submit an LOI before meeting the seller.  

5. Leverage advisors: Good advisors can bridge gaps and smooth tough negotiations.

The outcome (so far)

Alastair’s search is still in progress, with one deal in due diligence and others in the pipeline. The process hasn’t been without setbacks- one promising business went to another buyer, and not every deal is a fit. But with a clear thesis, a strong team, and the right tools, Alastair is confident he’ll land the right machine shop.

His only regret? Not finding better platforms and advisors sooner.

“Baton is a great company to deal with. Reid made a lot of promises that sounded too good to be true, and they delivered on everything. I would use them over and over again if I were buying businesses, and I would recommend anyone else use them.”