Why do people hesitate about merging Free Companies?

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having played MMO's for almost 14 years now, I will say this : I have never ever seen a merger go well. It always goes something like, small guild A wants to do something so they merge with medium guild B. They get glamoured by the fact that they are finally going to get to see endgame, and accept what seem like reasonable terms and conditions when looked at in their hopeful eyes. Reality hits fast and guild A finds that guild B only really needed a few of their people and most are just left out in the cold and those promises of "rotating people in so they can get a shot" quickly are forgotten. Guild A's officers are never really accepted into guild B's leadership clique and they are merely given the title until the few that B needed are thoroughly assimilated into their guild and forget they were ever in A. In time people from A get frustrated and go off to do their own thing.

Mergers just don't work.