Pros
Easy to get promotions/title changes due to the high turnover that will give you the duties of 5 past employees and no raise! Owners, and often mgmt, are no where to be found 80% of the time, so if you like to slack off they probably won't notice.
Cons
Oh boy. There's a lot, near with me. I have never seen such a dysfunctionally "operated" business in my life, and likely never will again. The company can't even pay their own bills on time (Super fun noticing your dental insurance lapsed because your employer just never paid the bill!), they have no documented procedures for literally anything, their handbook says one thing but they verbally say something completely different, I could go on for quite a while to be honest. Oh, on top of their subpar-at-best salary, their benefits are absolutely TRASH. If I had known how atrocious their benefits were, I never would have left my old job. Pretty sure I technically took a pay cut because of that alone. If you take away anything from this, just keep in mind that they went through 6 project managers in less than 2 years, almost completely due to how they were treated by one of the owners. If that didn't do it - The owner installed speakers to loudly play Muzak right above each office door so that people could no longer hear the owners screaming at each other and loudly badmouthing their employees. It didn't work, so then you just heard all of that still... on top of whatever terrible music was playing. Owners are absent and out of touch at best and they will never listen to anyone but themselves, healthcare benefits were costly but also didn't have good coverage, fringe benefits were lacking, salary was eh, discriminatory and illegal practices were a Shepherd pass-time