The company's clients are typically not technology oriented and very slow to innovate, which limits the growth potential.
Legacy software products that despite their well known limitations are not going anywhere due to lack of resources.
Limited career growth potential in the IT/QA/Development group.
Sales-driven business culture frequently sets unreasonable deadlines for the delivery of new product features, causing regular crunches and spikes in overtime work.
Risk that the company will be sold to one of its bigger competitors in the foreseeable future as both senior partners are well in their late 60's.