My vote is get yourself a fully equipt mavhine shop in house!
If the business uses extensive machinery to produce their products full time, then those machines will breakdown over time, when not running, they are not making money!
A shop can be acquired a little at a time, and the most expensive items should be obtained first! Like a lathe proportionate to the machines you are using, and a bridgeport mill. All the accessories and attachments can be obtained as used items on eBay for much less than new!
As stated earlier, the current processes being used can be improved upon by making things a little better as they are repaired! In time, the machine shop will be vital part of the business!
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It's not what you take away, it's what you are left with that counts!