Pros
Involvement in Management decisions. Ability to talk directly with the Managing Director one-on-one.
Cons
No Job security. Today you have a job, you are not sure about tomorrow. High staff turnover. Managing Director was involved in everything task even though he had Managers in charge of those tasks. Typically the MD used to hire truck drivers, turn boys, negotiate trade finance and LCs with PTA bank, recruit customers, collect debts, supervise all staff, etc etc etc. There was no division of work and no respect for hierarchy. Staff did not have fixed titles. Today your title could this ... tomorrow another title.