He built a reputation as one of the brightest young bosses in the game at Gigg Lane and his legacy spotting young players is still helping keep his former club in business.
Preece, 37, joined Nationwide side Carlisle - his eighth club - two seasons ago and is proving his worth as a striker with nine goals in 15 games for Paul Simpson's men, who are currently lie second in the Conference.
The latest player introduced to first team action at Bury by Preece, Danny Swailes, has been sold to Macclesfield for '40,000.
He follows David Nugent who went to Preston for '100,000; Michael Nelson to Hartlepool for '70,000; Jason Jarrett to Wigan for '125,000 and Chris Armstrong to Oldham for '25,000.
Players he inherited from previous boss Neil Warnock, such as Paddy Kenny and Andy Woodward (to Sheffield United for '100,000) and Ian Lawson ('150,000 to Stockport), were also moved on as Preece battled to balance the books at Bury.
Yet during his four years as Gigg Lane boss, he did achieve a play-off place before he was unceremoniously shown the door because as a player and boss he was the club's biggest earner.
Blackpool-based Preece was in the frame for vacancies at Stockport, Blackpool and Kidderminster and is determined that with his UEFA badges and his reputation on bringing on young talent he will achieve his ambition to manage at the highest level.
When he left Bury he was asked about his ambition and with a steely glare said he wants to one day manage Manchester United! He knows he will have to start much further down the food chain.
He told M.E.N. Sport today: "I am missing management. It's a 24-hour job and I am getting under my wife's feet. At my age you have to look to secure your future."
Preece, whose played for Stockport and Wrexham during his career, said: "It's great that players who've come through the youth system at Bury or were brought in by me on frees continue to be sold on, helping the club through the latest financial crisis.
"With David Nugent, I knew he would make it. I introduced him as a regular substitute after he made his debut at 16 and everything wentgreat.
"He's also experienced the lows, when things weren't going so well and the fans were on his back, that will help him in his career because he has experienced the highs and lows.
"He has pace, a good fitness level and is hungry to score goals."
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Mike Bailey, Bury (20/01/2005 at 15:12)
His reputation as "one of the best young bosses in the game" was newspaper propaganda started by people who had who knew nothing about,or had any interest in Bury FC.
Take it from a supporter that Preece would never play the youngsters, he would always prefer to bring in one of his "dead leg " mates on loan.The youth policy was managed by Andy Feeley.
He was an advocat of "hoof ball" football,and that style has driven fans away,never to return.
Every season under his management,the club finished in a lower position in the football league, and was still in decline when he was sacked.He was the club's biggest earner,and refused to take a pay cut.
Over a year after being sacked, he is still in the managerial wilderness.If he has failed to secure jobs at clubs such as Kidderminster,then I suggest his future as a manager looks very bleak indeed.
Bury are better of without him.