Pros
If willing to deal with no money and bad management, given the nature of the business you can learn a lot there. I figured it as paying my dues.
Cons
Everything. Extremely low pay, no bonuses, management is clueless and can only complain (never give accolades for good work). They are completely cheap and complain about bad finances, which is ironic in that the owner's wife works there as "marketing", but only works 3 half-days a week, produces nothing but a postcard once a month, and bags over $200,000 a year in salary. Guess where the money goes? Nepotism... and certainly not into actually growing the company.
There were constantly rumors of the company being in the red and not having money.
The owner inherited the company from his father-in-law, and never worked in IT before. He claims to be a sales manager from Coke, but in the time I worked there on the Helpdesk, I never saw him bring in a client and he never built a sales force. We all joked that we wondered what he did there besides soak up money.
My impression, both the bosses had no idea how to run a business.