Pros
Freedom and flexibility to do what you think is best. Little to no micromanagement. Profit sharing is a great incentive to get everyone in the company to work together. During my time here the company has spent a great deal of money on new technology for operations. They have developed an extremely workable stage gate process for product development. The running of the company passed from father to son so smoothly I wouldn't have know it happened if I hadn't known it happened.
Cons
In some departments we are spread pretty thin. Makes life extremely busy. But there are worse things in life. Like most organizations there is a certain amount of corporate politics. it is very subtle but once recognize it you realize it is always there. It has not really affected me personally but I have witnessed its impact on others.