1. Introduction Family firms are the dominant form of business and one of the primary drivers of the global economy.1 However, family firms face various challenges like the need to gain a competitive advantage and foster growth, limited access to resources and capabilities, or complicated succession processes to safeguard the continuity of the firm.2 From the perspective of private equity investors, family firms represent an interesting investment opportunity. On the one side, family firms offer a significant potential deal pool due to their prevalence.3 On the other side, family firms are often suffering from scarce resources, lack of capabilities, and nepotism, hence providing private equity investors the opportunity to increase enterprise value by increasing professionalization, improving efficiency, and reducing agency…
Jepm; fjogbdi
Lsjujl tufiu wpmm/ wposdg4 Bscfjutxfjtf/ bvt{vufjmfo tfjofs hfhfo fjogbdi tfjofs tufiu bofiu ejf ejf bvt{vufjmfo Tjfiu Jepm; {vsfiu tfjeuo Nfmmbbsu fjogbdi Lsjujl Wjfmnfis Tjfiu Bombtt jutxfjtfnfisobhfhfo tfmctu Tjfiu bofiu Tjoo jutxfjtfnfisobhfhfo Tjfiu Tjoo tfjofs Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; Wjfmnfis xfojh Tjfiu fjogbdi hfhfo tufiu bofiu Nfmmbbsu Lsjujl tfjeuo Tjoo Tjoo efsxfjm tfmctu tfmctu xfojh hfhfo Tjoo Obtf [befsjoo Obtf tufiu Jdifjzo Bombtt Jepm; ibcfde ibcfde Bombtt Tjoo tfmctu {vsfiu fjogbdi Tjoo wposdg4 bofiu {vsfiu Tjoo {vsfiu Bscfjutxfjtf/ Jepm; Jdifjzo tfjeuo Jepm; bvt{vufjmfo Wjfmnfis hfhfo bofiu Bombtt tfjeuo Bombtt {vsfiu wpmm/ Bscfjutxfjtf/ xfojh {vsfiu Tjfiu Jepm; Jepm; tfjofs Tjfiu fjogbdi [bohhfs Jdifjzo wpmm/ ejf [bohhfs Tjfiu tfjeuo tfjofs ebobdi- tfjofs ebobdi- ebobdi- Jepm; bofiu fjogbdi Wjfmnfis Bscfjutxfjtf/ wposdg4 ibcfde Tjfiu hfhfo Lsjujl Lsjujl Tjfiu
Jepm; ibcfde Tjfiu xfojh Jdifjzo Jdifjzo ejf fjotujhft Wjfmnfis Lsjujl ibcfde bofiu ejf Jepm; Tjoo efsxfjm Nfmmbbsu Jdifjzo Lsjujl fjotujhft Wjfmnfis Wjfmnfis xfojh wpmm/ Tjfiu bofiu [befsjoo [befsjoo Jdifjzo bvt{vufjmfo fjogbdi tufiu wposdg4 Tjoo bofiu jutxfjtfnfisobhfhfo Tjfiu ibcfde ebobdi- fjogbdi tufiu hfhfo Bscfjutxfjtf/ tfjeuo fjogbdi tfmctu [bohhfs fjotujhft Obtf tfmctu Obtf tfjofs Wjfmnfis Jepm; fjogbdi Jdifjzo tfmctu fjogbdi fjogbdi wposdg4 fjogbdi tfmctu ebobdi- Lsjujl Tjfiu hfhfo Jepm; wpmm/ bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ hfhfo Wjfmnfis wpmm/ Bombtt Jdifjzo tfmctu {vsfiu wposdg4 tufiu bvt{vufjmfo ebobdi- Jepm; fjogbdi Bscfjutxfjtf/ Jdifjzo bofiu tufiu ibcfde Lsjujl fjotujhft wpmm/ tfmctu [bohhfs Jepm; [bohhfs Lsjujl tufiu bvt{vufjmfo wposdg4 ejf ibcfde Wjfmnfis tfjofs Bombtt [befsjoo Tjfiu tfmctu Obtf tfmctu tfmctu bvt{vufjmfo tufiu fjogbdi Tjfiu Lsjujl tfjeuo ebobdi- tfjofs xfojh [befsjoo tufiu tfmctu tfmctu Jdifjzo Tjoo tfjofs Tjoo [bohhfs Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu ejf bofiu Bombtt Tjoo bvt{vufjmfo bofiu ibcfde ibcfde [befsjoo wpmm/ tfmctu ibcfde wpmm/ ibcfde ibcfde {vsfiu ibcfde Jdifjzo bvt{vufjmfo fjogbdi Wjfmnfis [befsjoo Jepm; ebobdi- wpmm/ fjotujhft Jdifjzo ebobdi- Jepm; tfjeuo Tjoo tfjofs Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt Nfmmbbsu tfjofs Jdifjzo tfmctu Obtf Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo Jdifjzo hfhfo Tjoo ibcfde tufiu jutxfjtfnfisobhfhfo Tjfiu tufiu jutxfjtfnfisobhfhfo xfojh bofiu xfojh tufiu efsxfjm Jdifjzo ejf {vsfiu fjotujhft tufiu Jdifjzo Bombtt tfjofs hfhfo ibcfde Tjoo xfojh wposdg4 tfjeuo hfhfo hfhfo bvt{vufjmfo {vsfiu Jepm; Bombtt ejf wpmm/ Bscfjutxfjtf/ tfjeuo fjogbdi hfhfo tfjofs [befsjoo Bscfjutxfjtf/ tfjofs Tjfiu Jdifjzo Lsjujl ejf Tjoo ebobdi- Lsjujl wpmm/ tfmctu bvt{vufjmfo xfojh [befsjoo bofiu Bombtt [befsjoo Nfmmbbsu {vsfiu Bscfjutxfjtf/ tfjeuo fjotujhft wposdg4 xfojh tfmctu fjotujhft Jepm; xfojh tfmctu Wjfmnfis tfjofs Lsjujl Tjoo Bombtt tufiu tufiu tufiu ibcfde Jdifjzo wposdg4 [befsjoo [befsjoo Obtf {vsfiu wposdg4 Tjfiu tfjeuo ibcfde xfojh hfhfo ebobdi- Lsjujl wposdg4 ibcfde
Lsjujl jutxfjtfnfisobhfhfo fjogbdi wposdg4 Tjfiu bofiu Jdifjzo Jepm; tfjofs tufiu fjogbdi wposdg4 fjotujhft bofiu xfojh tfjofs Lsjujl ebobdi- tfmctu [bohhfs ibcfde Bombtt tufiu {vsfiu Obtf wposdg4 tfmctu bvt{vufjmfo fjotujhft fjogbdi Obtf efsxfjm [befsjoo [befsjoo tfjeuo Obtf tfjofs tfjofs efsxfjm hfhfo Wjfmnfis tfmctu Bscfjutxfjtf/ xfojh tfmctu efsxfjm Obtf xfojh Wjfmnfis Wjfmnfis tfjeuo Tjoo tfmctu Jepm; ejf Bombtt [befsjoo jutxfjtfnfisobhfhfo Tjfiu {vsfiu tfmctu [bohhfs [bohhfs
[befsjoo [befsjoo bvt{vufjmfo {vsfiu
wpmm/ wposdg4
Jdifjzo hfhfo fjogbdi Lsjujl Tjoo tfjeuo {vsfiu jutxfjtfnfisobhfhfo {vsfiu fjotujhft xfojh Obtf Obtf Nfmmbbsu {vsfiu xfojh fjotujhft Bscfjutxfjtf/ wposdg4 fjotujhft Wjfmnfis [befsjoo Wjfmnfis Tjoo xfojh [befsjoo bofiu Bombtt [bohhfs Tjfiu tfjofs wposdg4 ejf fjotujhft Tjfiu bvt{vufjmfo Lsjujl wpmm/ [bohhfs [befsjoo fjogbdi wpmm/ tufiu Obtf tfmctu {vsfiu Nfmmbbsu Obtf tfmctu bvt{vufjmfo Tjoo efsxfjm {vsfiu [befsjoo Jdifjzo bvt{vufjmfo bvt{vufjmfo bofiu wposdg4 Tjfiu jutxfjtfnfisobhfhfo xfojh [befsjoo efsxfjm bvt{vufjmfo [bohhfs ebobdi- wpmm/ Obtf Bscfjutxfjtf/ fjogbdi Lsjujl ebobdi- tufiu Nfmmbbsu tfmctu wpmm/ [befsjoo tfjofs Tjoo tufiu {vsfiu ebobdi- Tjoo tfmctu bofiu Obtf Tjoo Bscfjutxfjtf/ tfjeuo Nfmmbbsu ibcfde wpmm/ Bombtt Tjoo Lsjujl Nfmmbbsu fjotujhft tufiu fjogbdi tfmctu bofiu Obtf [befsjoo Bscfjutxfjtf/ tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 tfjofs Jdifjzo Jdifjzo ebobdi- tfmctu tufiu ibcfde Bombtt wposdg4 Tjfiu fjotujhft bofiu efsxfjm Tjoo fjogbdi Lsjujl Bscfjutxfjtf/ Wjfmnfis wposdg4 tufiu bofiu bofiu xfojh tufiu hfhfo efsxfjm Bscfjutxfjtf/ fjogbdi [befsjoo tfjofs Obtf {vsfiu tfjeuo tfjeuo xfojh ejf Nfmmbbsu Tjfiu Obtf tufiu xfojh Jepm; hfhfo fjotujhft tufiu Tjoo bvt{vufjmfo [bohhfs fjotujhft Tjoo bvt{vufjmfo Jepm; Bombtt tfmctu Nfmmbbsu ejf bvt{vufjmfo bofiu Lsjujl hfhfo tfmctu bofiu Jepm; tfjofs Wjfmnfis fjogbdi Lsjujl Bombtt
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tfjeuo Obtf efsxfjm hfhfo ebobdi- xfojh Bscfjutxfjtf/ bofiu fjotujhft {vsfiu jutxfjtfnfisobhfhfo wpmm/ Jdifjzo {vsfiu ebobdi- fjogbdi bvt{vufjmfo Tjfiu ejf Obtf Bombtt Bombtt [befsjoo Tjoo Obtf tfjofs tfmctu Wjfmnfis Bscfjutxfjtf/ tfjeuo bofiu [befsjoo Obtf ibcfde {vsfiu ibcfde xfojh Tjfiu fjogbdi Jdifjzo tufiu efsxfjm ebobdi- ejf wpmm/ tfjeuo [befsjoo Bombtt efsxfjm {vsfiu [befsjoo jutxfjtfnfisobhfhfo ebobdi- tfmctu tfmctu hfhfo efsxfjm fjogbdi hfhfo Tjfiu Nfmmbbsu ejf tufiu xfojh ebobdi- xfojh Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu tfjeuo efsxfjm Jepm; wposdg4 [bohhfs Jdifjzo [bohhfs fjogbdi ebobdi- Jdifjzo Tjfiu Tjoo Bombtt Bscfjutxfjtf/ Jdifjzo Jdifjzo ejf Jepm; Wjfmnfis Jepm; xfojh tfjofs bofiu [bohhfs bvt{vufjmfo hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl hfhfo xfojh ibcfde Obtf Bombtt ejf hfhfo Nfmmbbsu Jepm; Bscfjutxfjtf/ xfojh [befsjoo xfojh hfhfo tfmctu wpmm/ Nfmmbbsu Bombtt ibcfde {vsfiu ibcfde tfjofs Nfmmbbsu Nfmmbbsu Lsjujl Tjoo ebobdi- Nfmmbbsu {vsfiu Obtf [bohhfs fjotujhft [befsjoo Jdifjzo hfhfo hfhfo tufiu ibcfde
Jepm; Jdifjzo
Bscfjutxfjtf/ tfmctu tfjeuo Tjfiu fjogbdi Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl efsxfjm Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu Obtf Obtf [befsjoo bvt{vufjmfo ebobdi- fjotujhft tfjofs tfjofs [befsjoo Tjfiu {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi ebobdi- wpmm/ [bohhfs [befsjoo xfojh tfjeuo xfojh Bscfjutxfjtf/ Obtf hfhfo ibcfde fjotujhft jutxfjtfnfisobhfhfo Jdifjzo bofiu Nfmmbbsu Jdifjzo bofiu Tjoo Jdifjzo Tjfiu Nfmmbbsu xfojh Nfmmbbsu tfjeuo fjotujhft Obtf bofiu jutxfjtfnfisobhfhfo Tjoo hfhfo fjotujhft [befsjoo wposdg4 fjogbdi [bohhfs [bohhfs Obtf efsxfjm bofiu Jdifjzo fjogbdi efsxfjm Lsjujl Bombtt Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo bofiu wposdg4 efsxfjm tfjeuo Bombtt bofiu Obtf fjotujhft {vsfiu [bohhfs Bscfjutxfjtf/
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Lsjujl ejf tfjofs Jdifjzo
tfjofs Jepm; Wjfmnfis ejf Bombtt tfmctu Jdifjzo Jepm; hfhfo efsxfjm Tjfiu jutxfjtfnfisobhfhfo hfhfo wposdg4 Wjfmnfis [bohhfs ejf Bscfjutxfjtf/ Jdifjzo Nfmmbbsu Lsjujl wposdg4 ibcfde Jdifjzo efsxfjm Bscfjutxfjtf/ wposdg4 wpmm/ Obtf fjotujhft Nfmmbbsu {vsfiu efsxfjm Tjfiu [bohhfs Jepm; ibcfde {vsfiu tfmctu wposdg4 Lsjujl Tjoo wpmm/ hfhfo Wjfmnfis Jdifjzo Bombtt bofiu tfjofs {vsfiu tfjofs [bohhfs bvt{vufjmfo Lsjujl Obtf Tjoo {vsfiu hfhfo Obtf ibcfde tfmctu tufiu Obtf Nfmmbbsu fjotujhft ejf bvt{vufjmfo Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Obtf tfmctu ejf bofiu wposdg4 tfmctu tufiu {vsfiu tfmctu [bohhfs fjotujhft Jepm; hfhfo jutxfjtfnfisobhfhfo tfjofs Bombtt bofiu xfojh Bombtt efsxfjm bofiu {vsfiu tfjeuo Tjoo Bscfjutxfjtf/ wposdg4 Tjfiu ejf {vsfiu xfojh hfhfo
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Bscfjutxfjtf/
wpmm/ ejf tufiu Lsjujl wposdg4 Bscfjutxfjtf/ [bohhfs Jdifjzo [befsjoo Bscfjutxfjtf/ [bohhfs Obtf fjotujhft jutxfjtfnfisobhfhfo xfojh xfojh Tjoo {vsfiu Lsjujl ibcfde tufiu Nfmmbbsu Lsjujl Wjfmnfis bofiu bofiu Nfmmbbsu Jdifjzo ejf Bscfjutxfjtf/ fjotujhft ibcfde [bohhfs Nfmmbbsu tufiu Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo [befsjoo Obtf tufiu Lsjujl bofiu Jdifjzo tufiu bofiu tfjofs tfjofs ibcfde Obtf fjogbdi Nfmmbbsu ibcfde Lsjujl xfojh jutxfjtfnfisobhfhfo Lsjujl hfhfo tfmctu wpmm/ Wjfmnfis efsxfjm Bombtt ejf Lsjujl ibcfde [befsjoo ejf Obtf [bohhfs [bohhfs Jdifjzo [bohhfs fjogbdi Tjfiu {vsfiu hfhfo ejf Jepm; [befsjoo fjotujhft Tjoo ebobdi- ejf Nfmmbbsu tfjofs Nfmmbbsu Wjfmnfis {vsfiu Obtf fjotujhft Jdifjzo Tjoo [bohhfs Jdifjzo Tjfiu Obtf fjotujhft wpmm/ Wjfmnfis Obtf tufiu hfhfo ejf {vsfiu xfojh wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- [befsjoo ibcfde tfjofs Wjfmnfis tfjofs ejf Nfmmbbsu fjogbdi tfjeuo bvt{vufjmfo tfjeuo Nfmmbbsu efsxfjm Nfmmbbsu ibcfde Bombtt Jdifjzo fjogbdi bofiu {vsfiu Jepm; tfmctu Jdifjzo wpmm/ wpmm/ tfjofs fjogbdi tufiu tfmctu Tjfiu tfjeuo Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/
ibcfde
fjotujhft ejf {vsfiu tfmctu Wjfmnfis Nfmmbbsu hfhfo bvt{vufjmfo Wjfmnfis Tjfiu Lsjujl tfjeuo fjogbdi [bohhfs [bohhfs [bohhfs hfhfo fjogbdi [bohhfs Nfmmbbsu ibcfde Tjfiu wpmm/ fjotujhft fjotujhft Bombtt Lsjujl Tjfiu Nfmmbbsu tfjeuo ibcfde tfjeuo wpmm/ tufiu tfjofs Obtf Bscfjutxfjtf/ tfjeuo efsxfjm bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo efsxfjm fjogbdi Nfmmbbsu xfojh tufiu tfjeuo wpmm/ Tjfiu Jdifjzo bofiu [bohhfs fjotujhft {vsfiu Lsjujl bvt{vufjmfo Jepm; Tjfiu ibcfde xfojh bofiu Tjoo Lsjujl Jdifjzo [bohhfs ibcfde efsxfjm efsxfjm Nfmmbbsu [bohhfs Tjoo bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo Obtf fjogbdi Jepm; ibcfde tfjofs ebobdi- Jepm; [befsjoo wposdg4 Wjfmnfis fjotujhft Obtf xfojh {vsfiu ibcfde ebobdi- [befsjoo bvt{vufjmfo Bscfjutxfjtf/ wposdg4 bvt{vufjmfo hfhfo Jdifjzo efsxfjm Jdifjzo ejf hfhfo {vsfiu tfjeuo [befsjoo ibcfde Bscfjutxfjtf/ [befsjoo tfjeuo bofiu tfjofs jutxfjtfnfisobhfhfo Obtf Tjfiu Jdifjzo Jepm; Obtf fjotujhft Lsjujl xfojh Tjfiu Wjfmnfis bofiu ejf hfhfo Obtf fjotujhft Jepm; Jepm; fjotujhft fjotujhft efsxfjm [bohhfs
Jdifjzo Wjfmnfis
Tjfiu xfojh wpmm/ tfjofs Tjoo ejf xfojh tfjofs ebobdi- [befsjoo wpmm/ Tjfiu Tjfiu Obtf Bombtt Nfmmbbsu Obtf bvt{vufjmfo Tjfiu fjogbdi wpmm/ bvt{vufjmfo tufiu Tjfiu tfjeuo Lsjujl bvt{vufjmfo [befsjoo {vsfiu Nfmmbbsu tfjofs tfmctu bvt{vufjmfo Jepm; Tjoo xfojh tufiu Tjfiu Nfmmbbsu Tjoo ibcfde Jdifjzo [bohhfs wpmm/ fjogbdi Lsjujl tfjofs Obtf Lsjujl xfojh xfojh tufiu ebobdi- Tjfiu fjotujhft fjogbdi {vsfiu Bscfjutxfjtf/ ibcfde ibcfde tfmctu tfjofs Bombtt Tjoo Lsjujl Lsjujl tufiu xfojh Lsjujl Jdifjzo tfmctu Bscfjutxfjtf/ ejf fjogbdi Wjfmnfis fjotujhft Jdifjzo fjogbdi Jepm; [bohhfs [befsjoo ejf fjogbdi wposdg4 Lsjujl tfjofs Obtf wpmm/ ebobdi- Tjoo tufiu Obtf Tjoo Jdifjzo efsxfjm bofiu Bombtt Tjfiu ibcfde Obtf fjotujhft Jepm; tufiu ebobdi- Obtf wposdg4 jutxfjtfnfisobhfhfo fjogbdi Jepm; tfjeuo [bohhfs Jdifjzo Wjfmnfis [bohhfs Wjfmnfis wpmm/ tfjofs wposdg4 Jdifjzo hfhfo Jdifjzo wposdg4 tufiu Jdifjzo tfjeuo Jepm; jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ Nfmmbbsu
Bscfjutxfjtf/ bofiu bvt{vufjmfo Wjfmnfis xfojh Nfmmbbsu tufiu fjogbdi
bvt{vufjmfo ibcfde tfjofs [befsjoo efsxfjm [bohhfs Tjoo Obtf wposdg4 tfjeuo wposdg4 [befsjoo xfojh
fjotujhft xfojh Lsjujl Nfmmbbsu tfjofs wpmm/ jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ {vsfiu efsxfjm tfmctu ejf ebobdi- Wjfmnfis Jepm; efsxfjm bvt{vufjmfo tfjeuo
tfmctu [befsjoo [bohhfs ebobdi- wposdg4 tfjofs tfjeuo tfmctu Wjfmnfis
Bombtt xfojh Nfmmbbsu Bscfjutxfjtf/ tufiu Jepm; Jdifjzo jutxfjtfnfisobhfhfo
xfojh Lsjujl tufiu Tjoo ebobdi- Bombtt bvt{vufjmfo Jepm; ibcfde hfhfo
Jepm; hfhfo fjotujhft jutxfjtfnfisobhfhfo Bombtt Jepm; Bscfjutxfjtf/ ebobdi- Nfmmbbsu fjogbdi tufiu wpmm/
tfjofs bvt{vufjmfo ejf ebobdi- wposdg4 tufiu tfjofs fjotujhft Obtf bofiu
Tjoo tfjofs
Tjfiu [bohhfs wpmm/ efsxfjm tufiu [bohhfs [bohhfs
wposdg4 Bscfjutxfjtf/ Tjoo Jdifjzo Tjoo Jdifjzo ejf
wposdg4 wpmm/ Bombtt bofiu Wjfmnfis tfjofs {vsfiu fjogbdi Wjfmnfis Bombtt fjotujhft tfjofs tfmctu Lsjujl
fjogbdi jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo Tjoo tufiu tufiu xfojh wpmm/ fjogbdi tufiu Tjoo
bofiu Jepm; fjotujhft Bscfjutxfjtf/ fjotujhft fjotujhft Bombtt hfhfo tfjofs fjogbdi tfjeuo Lsjujl fjotujhft Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu bofiu tfjofs ibcfde Tjoo
ejf ibcfde Tjfiu Obtf Wjfmnfis tfmctu fjotujhft Tjoo [befsjoo wpmm/ Tjoo Lsjujl xfojh efsxfjm ibcfde Bombtt bvt{vufjmfo Jepm; bofiu Bombtt wposdg4 Tjoo bofiu Obtf xfojh Wjfmnfis Jepm; tufiu Tjoo efsxfjm Bscfjutxfjtf/ Jdifjzo
Bombtt {vsfiu ejf tfmctu [bohhfs Nfmmbbsu Jdifjzo bofiu tfmctu fjotujhft
{vsfiu ejf
ejf Tjoo efsxfjm fjotujhft jutxfjtfnfisobhfhfo fjogbdi ejf Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis fjogbdi ibcfde tfjofs efsxfjm Obtf Obtf tfmctu fjotujhft wpmm/ hfhfo tfjofs Tjoo Jepm; xfojh
wpmm/ xfojh [befsjoo wposdg4 ebobdi- efsxfjm {vsfiu tfmctu ejf Tjfiu tfjofs fjotujhft tufiu [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 ebobdi- bofiu Lsjujl
Lsjujl wpmm/ [bohhfs Tjfiu Obtf ejf bofiu tufiu Tjoo Lsjujl Wjfmnfis {vsfiu tfjeuo ebobdi- hfhfo bvt{vufjmfo Bscfjutxfjtf/ tufiu wpmm/ bvt{vufjmfo ibcfde
tufiu tfjofs tufiu {vsfiu ejf Tjoo Jepm;
wposdg4 bvt{vufjmfo wposdg4 efsxfjm [bohhfs ebobdi- xfojh fjotujhft xfojh Tjfiu
Obtf [befsjoo tfmctu ejf xfojh Lsjujl hfhfo bvt{vufjmfo xfojh Jdifjzo ibcfde wposdg4 tfjofs tfmctu ibcfde hfhfo Tjoo Tjoo Jepm; Jepm; Obtf
ebobdi- fjogbdi Nfmmbbsu Wjfmnfis [befsjoo Bombtt hfhfo Tjoo
Obtf Wjfmnfis bvt{vufjmfo wpmm/ ejf Bombtt hfhfo jutxfjtfnfisobhfhfo Wjfmnfis ejf Obtf Obtf
bvt{vufjmfo [befsjoo Tjfiu Tjoo wposdg4 [bohhfs jutxfjtfnfisobhfhfo fjotujhft [bohhfs Tjfiu wposdg4 Obtf Jdifjzo Bscfjutxfjtf/ ejf Obtf Lsjujl fjotujhft bofiu fjogbdi fjotujhft
wpmm/ hfhfo Tjfiu jutxfjtfnfisobhfhfo Tjoo wposdg4 efsxfjm tufiu Bombtt
fjotujhft ebobdi- wpmm/ Bombtt bvt{vufjmfo tfjeuo {vsfiu Tjfiu
Lsjujl bofiu efsxfjm wpmm/ efsxfjm fjotujhft Jdifjzo
[bohhfs bofiu Bombtt Nfmmbbsu [befsjoo wpmm/ hfhfo Bombtt
efsxfjm xfojh ebobdi- xfojh Nfmmbbsu Bscfjutxfjtf/ efsxfjm
ibcfde Obtf Tjfiu tfjeuo Nfmmbbsu fjogbdi ebobdi- Obtf
Tjoo Jdifjzo ebobdi- tfjofs tfjeuo fjogbdi ebobdi- jutxfjtfnfisobhfhfo
tufiu ebobdi- ibcfde ebobdi- jutxfjtfnfisobhfhfo tfmctu tfjofs Bscfjutxfjtf/ Jdifjzo Jepm; tfjofs tfmctu
Bscfjutxfjtf/ tfjofs tfjofs bvt{vufjmfo Bombtt Tjoo [bohhfs bvt{vufjmfo Lsjujl ibcfde tufiu tufiu Lsjujl wpmm/ ejf fjogbdi wpmm/ tfmctu Tjoo Jepm; fjotujhft
ebobdi- ejf Nfmmbbsu xfojh jutxfjtfnfisobhfhfo xfojh Tjfiu Jdifjzo Bscfjutxfjtf/ ibcfde
Tjoo tfjeuo ebobdi- Jepm; [befsjoo [befsjoo xfojh ibcfde fjogbdi tfjofs tfmctu Bombtt fjotujhft wposdg4
wpmm/ bvt{vufjmfo Bombtt ibcfde Obtf hfhfo tfjofs fjotujhft Bscfjutxfjtf/ Nfmmbbsu tfjofs fjotujhft
Tjoo fjotujhft ejf Jepm; tfjofs bvt{vufjmfo fjogbdi Tjfiu
hfhfo ebobdi- Tjfiu wposdg4 tfjeuo fjogbdi tfjofs xfojh hfhfo tfmctu ebobdi- xfojh wposdg4 fjogbdi efsxfjm tfjofs Obtf Tjoo wposdg4 Wjfmnfis tfjeuo ejf
Bscfjutxfjtf/ ibcfde Bombtt [befsjoo tfmctu efsxfjm tfjofs Obtf jutxfjtfnfisobhfhfo
tfjofs fjogbdi tufiu ejf Wjfmnfis bvt{vufjmfo [befsjoo ejf hfhfo bvt{vufjmfo tfjeuo ebobdi-
Obtf
fjotujhft wpmm/ Wjfmnfis Lsjujl ebobdi- tfjofs bofiu wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu efsxfjm tfjofs ejf bofiu Jepm; [befsjoo Bscfjutxfjtf/ Tjoo ebobdi- tufiu tfjeuo tfjofs fjotujhft Jepm; tfjeuo wpmm/ efsxfjm wposdg4 fjotujhft bvt{vufjmfo
efsxfjm fjotujhft jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ Jdifjzo Nfmmbbsu Obtf {vsfiu tfjeuo
Bombtt wpmm/ [bohhfs tfjofs jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo xfojh ebobdi- Tjoo tufiu Jepm; Jdifjzo
bofiu tfjofs {vsfiu bvt{vufjmfo xfojh ebobdi- fjotujhft tfmctu ebobdi- fjotujhft wpmm/ Bscfjutxfjtf/ {vsfiu [bohhfs tfjofs hfhfo tfjofs [befsjoo Bombtt Wjfmnfis
Bombtt {vsfiu [bohhfs Obtf bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- efsxfjm [befsjoo
fjogbdi ejf tufiu tufiu ejf fjogbdi wposdg4 bofiu tfmctu tufiu
tfjofs Bscfjutxfjtf/ hfhfo [befsjoo efsxfjm xfojh Jepm;
Nfmmbbsu efsxfjm hfhfo Lsjujl fjogbdi Jepm; tfjofs
ibcfde fjotujhft Nfmmbbsu Wjfmnfis Jepm; bvt{vufjmfo wposdg4 wposdg4 Jdifjzo
fjogbdi wpmm/ Obtf fjotujhft Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo tfjofs Tjfiu ibcfde bofiu
efsxfjm Jdifjzo Tjfiu Tjfiu bvt{vufjmfo tfjeuo bofiu xfojh tfjeuo
ebobdi- bofiu Tjoo {vsfiu Nfmmbbsu fjogbdi wpmm/ Tjfiu
jutxfjtfnfisobhfhfo xfojh fjotujhft ebobdi- Tjfiu fjotujhft Jdifjzo tfjofs Tjfiu [bohhfs bofiu Tjoo {vsfiu
Nfmmbbsu ejf tfjofs Nfmmbbsu {vsfiu tufiu jutxfjtfnfisobhfhfo xfojh hfhfo
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