Toxic small businesses can be really toxic. There's a lot of this in northern Italy, which is actually a pretty productive, wealthy area. But they'd be better off if there was more consolidation and some new blood. Tons of companies where grandpa founded it after WWII, and worked his hands to the bone. The son inherited it, maybe went to college and grew it and improved it some, and the grandkids are all about booze and cars and women.
OTOH, a good small company can be really good. Decisions get made quickly, you know most of the people and can talk with them, much less BS, and more of a sense of purpose in what you're doing there rather than being a cog. I worked in one a few years back and loved it. They are tough to find, though, as a real 'small company' is different than a startup in that they're a bit less crazy in terms of growth.
OTOH, a good small company can be really good. Decisions get made quickly, you know most of the people and can talk with them, much less BS, and more of a sense of purpose in what you're doing there rather than being a cog. I worked in one a few years back and loved it. They are tough to find, though, as a real 'small company' is different than a startup in that they're a bit less crazy in terms of growth.