Pros
A relaxed work environment, with a small number of employees. Mistakes were rarely met with any recourse.
Cons
After the change in ownership, there were lots of unfulfilled promises of change. Projects took months to show progress. Upkeep was rarely performed anywhere outside of customer view. Simple things like a hole in a wall was never fixed, just covered with a poster.
Despite promises that once under new ownership it would free up money, annual raises stopped after the transition.
This led to a pessimistic work environment with constant reminders of how the business was losing money. A little over a year after the transition completed, the business was shut down.