Pros
Fun, party atmosphere with lots of alcohol. Good way to meet other people who will be friends for life as you will bond over how terrible and unethical this company is.
Cons
The owners/management either hungover, drunk of high on a daily basis. This is no exaggeration. Unfortunately, they are the face of the business. These people have no morals and constantly set up fake companies to hide their dodgy business practices. They are still trying to ride on the golden days when they had Coke as a client but Coke and other major clients won't touch them with a 10 foot pole now and haven't for over 5 years. Clients wise up really fast to their corrupt business practices and the suppliers are all well aware too.
As an employee will be subject to constant sexual jokes and need to suffer through the "party" life whilst you try to keep the business and clients in check.
The owners have no sense of professionalism and despite being in their mid 40's, act like they are teenagers. Totally irresponsible and unprofessional. It's embarrassing to be associated with them. Everyone likes to party with Phibious... no one likes to work there or work with them.
Your salary won't be paid on time... sometimes weeks late.
There are no such things as performance appraisals.
Therefore there is no bonus.
People usually leave the company on very bad terms.
It will look terrible on your resume.