Pros

Respect for the name (from outsiders), Access to huge markets & great customers - thus exciting challenges at work and importantly, for some of the best colleagues/friends you would ever make in any company.

Cons

Lack of trust w.r.t information sharing between seniors and subordinates, no clear role definition in most cases and in some cases, no organization charts as well - this results in a lot of inefficiency at work !

Advice to Senior Management

Firstly, there are a lot of aspiring leaders waiting in the wings to take charge and therefore you need to reform the MLP and TLP programs which are currently nothing but a joke in the organization......its always a good time to think about succession policies !
Second, do not encourage extensions of tenure at senior executive positions....this encourages other seniors waiting in the wings to ask for extensions too !
Third, take the lid off the ESOPs - they make people above the base managerial level not put in extreme efforts at work....most of them get laid back & gaze at stock trading websites all day....