Pros
The atmosphere feels like graduate school. You get to micromanage your own projects. You can jump right into projects (this is also a con). You get to personally meet with the owners and discuss current projects once a month. Owners have good insight and are very courteous and helpful. Everyone is nice and you can freely discuss software ideas or solver recommendations with coworkers. Fast growing company.
Cons
The middle management doesn't manage their team. No feeling of a "team". The pay is based solely on degree. Lack of transparency regarding changes made in company. Not enough sick-time or PTO. Little-to-no opportunities for promotion (and if there is, then employees are unaware of this). No proper or regulated training of new employees. Feeling of bias among middle-management.