Pros
Relaxed environment, more like your buddies from high school made a company. Benefits are very good for a small company. Owner invests in keeping equipment up to date but sometimes the wrong equipment.
Cons
Currently primarily run by the wrong person. Someone who has no experience or knowledge in the company, he is only in the position because of previous non related relationship with the owner. Owner has given him basically a free pass to do whatever he wants. Currently hiring to the wrong positions instead of helping the areas of need. A company can not run with all high level hires only. Work is more putting out fires than improving. A lot of standards and procedures are established from when a bigger company but now that is smaller they are only used when convenient to those in charge. A lot of 20+ year employees make progressive/positive change difficult. The genuinely positive employees, that can help the company, are suppressed by the ones negatively impacting the company. A lot of hours that make work/family life difficult. Very limited room for growth in many departments.