If the buildslave cannot connect to the buildmaster, the reason should be described in the twistd.log logfile. Some common problems are an incorrect master hostname or port number, or a mistyped bot name or password. If the buildslave loses the connection to the master, it is supposed to attempt to reconnect with an exponentially-increasing backoff. Each attempt (and the time of the next attempt) will be logged. If you get impatient, just manually stop and re-start the buildslave.
When the buildmaster is restarted, all slaves will be disconnected,
and will attempt to reconnect as usual. The reconnect time will depend
upon how long the buildmaster is offline (i.e. how far up the
exponential backoff curve the slaves have travelled). Again,
buildbot stop BASEDIR; buildbot start BASEDIR will
speed up the process.