Pros
The company is in a great place to make serious improvements to the bottom line over the next 3-5 years, provided each department lead can realize their visions.
Kontras
Without delegation of power to the appropriate department heads, all decisions must go through the owner, who is not up to speed. Bringing the owner up to speed concerning topics outside of his expertise can be extremely difficult and demoralizing. Bringing the owner in like this also leads to micro-managing on every level. Despite retiring and being ill, the owner is determined to hang on like his life depends on it. Unfortunately the result of the owner's input is nothing but chaos, lost morale, lost productivity, and lost money. Many of the problems caused by the owner don't need to be an issue if handled tactfully and with patience.