Across the U.S., but especially in the Northeast and Upper Midwest, certain higher education institutions are struggling to stay afloat under the weight of decreasing enrollments, high tuition, high tuition discounting, and other threats to their continued existence in their current form. The institutions in the most precarious situations are small, private, tuition-dependent colleges with small endowments. Some of them seek a lifeline through a merger with another institution that will enable them to continue their mission and perhaps grow, albeit not in their present form. Financially healthier institutions may also pursue a merger but as a long-term growth strategy rather than a bid for survival. Understanding the conditions that lead to mergers in higher education, the challenges inherent in any attempt to integrate two organizations, and the factors that work for and against merger success is essential to achieving the desired merger outcomes. That understanding can come only from analysis of past mergers of higher education institutions and the experiences of those involved in them. This study examined the successful merger of New England College and New Hampshire Institute of Art and the unsuccessful merger of Lasell College and Mount Ida College. The results can be instructive for small private higher education institutions needing to venture down this road in the near future. This successfully completed merger and attempted merger occurred within a year of each other, and the four campuses were all in the New England region, within a radius of less than 150 miles. Analysis of narrative interview data obtained from key actors involved in each of the mergers identified six factors, or foundational pillars, that appear to be determinative of the outcomes of mergers in higher education and led to the development of a tool, the Merger Runway Index, to help small private colleges determine how close they are to needing to seek a merger partner. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com/en-US/products/dissertations/individuals.shtml.]