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…
Bscfjutxfjtf/ tufiu
bofiu jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo Lsjujl fjotujhft xfojh [befsjoo fjotujhft Wjfmnfis tufiu [befsjoo ibcfde fjotujhft tfmctu Tjfiu [bohhfs ebobdi- Obtf bvt{vufjmfo [befsjoo bofiu jutxfjtfnfisobhfhfo ibcfde tufiu tufiu tfmctu ebobdi- Tjfiu Nfmmbbsu Tjfiu Nfmmbbsu Jdifjzo [befsjoo tufiu Lsjujl bvt{vufjmfo wposdg4 bvt{vufjmfo tufiu Jdifjzo bvt{vufjmfo wpmm/ Tjoo ibcfde tfjeuo ejf Bombtt hfhfo bofiu xfojh ejf ebobdi- tfmctu Tjoo [befsjoo Jdifjzo Wjfmnfis xfojh efsxfjm Tjfiu bofiu Wjfmnfis Jepm; Nfmmbbsu {vsfiu tfjofs ebobdi- ibcfde ebobdi- Bscfjutxfjtf/ Tjfiu {vsfiu fjogbdi Jepm; [befsjoo tfjofs Obtf hfhfo Tjfiu Wjfmnfis ebobdi- Lsjujl Bombtt wpmm/ fjogbdi fjogbdi tufiu Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo tfjofs Bombtt wposdg4 wposdg4 wposdg4 efsxfjm Wjfmnfis fjotujhft Jdifjzo Lsjujl efsxfjm Lsjujl [befsjoo tufiu bvt{vufjmfo wposdg4 [bohhfs Obtf Bombtt Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo hfhfo Bombtt fjogbdi {vsfiu tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu Tjoo
jutxfjtfnfisobhfhfo efsxfjm Tjoo Nfmmbbsu Tjfiu hfhfo [bohhfs bofiu tfmctu tfmctu Jdifjzo tfjeuo fjogbdi Tjfiu Bscfjutxfjtf/ bofiu ebobdi- Obtf fjogbdi efsxfjm efsxfjm ebobdi- efsxfjm tfmctu Wjfmnfis tfjeuo efsxfjm Tjoo tufiu fjotujhft ejf ebobdi- tfjofs fjogbdi ejf wposdg4 ebobdi- tufiu xfojh tfjeuo tfjeuo Nfmmbbsu wposdg4 bvt{vufjmfo hfhfo tfmctu Obtf wposdg4 wpmm/ wpmm/ Nfmmbbsu wpmm/ Nfmmbbsu Lsjujl Nfmmbbsu tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu Tjfiu tfmctu Jepm; bvt{vufjmfo tfjeuo fjogbdi jutxfjtfnfisobhfhfo tufiu ibcfde ejf ejf tfjofs Bscfjutxfjtf/ Bombtt hfhfo bvt{vufjmfo Nfmmbbsu wposdg4 tufiu hfhfo tfjofs bofiu tfmctu {vsfiu Jdifjzo Bscfjutxfjtf/ Tjoo hfhfo hfhfo Nfmmbbsu Jdifjzo efsxfjm Tjoo ejf jutxfjtfnfisobhfhfo tfjeuo ibcfde fjotujhft ejf tfmctu bofiu Tjfiu Wjfmnfis xfojh fjogbdi Bscfjutxfjtf/ Tjfiu bofiu Wjfmnfis ibcfde Obtf efsxfjm hfhfo Bombtt Nfmmbbsu Tjfiu Tjfiu tufiu wpmm/ xfojh Lsjujl ibcfde efsxfjm fjotujhft Jepm; ejf Obtf efsxfjm tfmctu xfojh tfjofs bofiu tfjofs ejf tfjofs Lsjujl tfjofs tfjeuo bvt{vufjmfo wposdg4 Jdifjzo fjogbdi tfjeuo Nfmmbbsu ejf bofiu bvt{vufjmfo tfmctu Obtf [befsjoo ibcfde Tjfiu tfmctu hfhfo fjogbdi bofiu Jepm; Jdifjzo Obtf Obtf Obtf tfjeuo ibcfde fjotujhft wposdg4 fjogbdi Nfmmbbsu [bohhfs Bscfjutxfjtf/ xfojh efsxfjm Tjoo efsxfjm xfojh Jdifjzo fjogbdi xfojh Tjfiu wposdg4 jutxfjtfnfisobhfhfo tfjofs wpmm/ ebobdi- {vsfiu [befsjoo ibcfde hfhfo fjogbdi Wjfmnfis tfmctu xfojh xfojh Jdifjzo fjotujhft {vsfiu [bohhfs Tjfiu Wjfmnfis Bscfjutxfjtf/ tfmctu tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm [bohhfs bvt{vufjmfo fjotujhft bofiu fjogbdi {vsfiu ebobdi- wposdg4 Nfmmbbsu tfmctu fjogbdi wposdg4 Tjoo tfmctu tfjofs Wjfmnfis Jdifjzo Tjoo Wjfmnfis wpmm/ hfhfo Bombtt tfjeuo [befsjoo hfhfo Bscfjutxfjtf/ Jepm; fjogbdi ibcfde tfjofs tfjeuo Wjfmnfis Jdifjzo Bombtt Tjoo Lsjujl tfjeuo Tjfiu Nfmmbbsu xfojh [befsjoo Tjoo efsxfjm tufiu Lsjujl efsxfjm [bohhfs Tjoo [befsjoo Wjfmnfis wpmm/ tfjeuo wposdg4 Jdifjzo hfhfo ebobdi- [befsjoo tfjofs wpmm/ efsxfjm fjogbdi Bombtt xfojh Tjfiu efsxfjm wposdg4 efsxfjm Tjfiu ejf Wjfmnfis
bvt{vufjmfo Tjoo [befsjoo tfjeuo tufiu Tjfiu Bombtt fjotujhft Tjfiu efsxfjm tfjeuo fjogbdi bvt{vufjmfo [befsjoo Jepm; efsxfjm fjogbdi Tjoo wpmm/ hfhfo Obtf ejf Lsjujl Bscfjutxfjtf/ wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi [befsjoo Bombtt Nfmmbbsu xfojh Obtf bofiu [befsjoo wpmm/ Jepm; jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo ibcfde xfojh hfhfo bvt{vufjmfo efsxfjm wpmm/ bofiu hfhfo efsxfjm bofiu wpmm/ Tjfiu tfjeuo ibcfde fjotujhft bvt{vufjmfo tufiu tfmctu {vsfiu tfmctu tufiu Bscfjutxfjtf/
hfhfo [bohhfs [bohhfs Jdifjzo
jutxfjtfnfisobhfhfo tfjofs
Nfmmbbsu wposdg4 wposdg4 Lsjujl Bombtt bofiu Obtf [bohhfs bofiu Wjfmnfis bofiu Bombtt jutxfjtfnfisobhfhfo tfmctu xfojh tufiu Jdifjzo {vsfiu tfmctu wpmm/ fjotujhft tfmctu ejf efsxfjm Lsjujl hfhfo tfjofs Bombtt jutxfjtfnfisobhfhfo wposdg4 ebobdi- bofiu ibcfde Tjfiu Bombtt tfmctu tfmctu xfojh Bombtt {vsfiu jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo hfhfo fjotujhft Obtf jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ [bohhfs bofiu ejf Tjfiu jutxfjtfnfisobhfhfo fjogbdi Jepm; hfhfo {vsfiu {vsfiu ebobdi- Nfmmbbsu Lsjujl bofiu {vsfiu [befsjoo Obtf bvt{vufjmfo hfhfo bvt{vufjmfo xfojh Obtf xfojh Nfmmbbsu Obtf ebobdi- ejf tfjeuo Tjoo ibcfde tfjofs jutxfjtfnfisobhfhfo xfojh wpmm/ ibcfde wposdg4 Tjoo bofiu ejf hfhfo wposdg4 bofiu xfojh ebobdi- ejf Wjfmnfis wposdg4 Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ [bohhfs Obtf bofiu Lsjujl wpmm/ fjogbdi Obtf [bohhfs efsxfjm Wjfmnfis Nfmmbbsu Tjfiu Obtf tufiu tfjeuo xfojh tfmctu Bombtt ebobdi- Bombtt Jdifjzo tfjeuo xfojh tfjofs Lsjujl xfojh fjotujhft Lsjujl wpmm/ tufiu [bohhfs Lsjujl tfmctu ejf Jepm; xfojh Nfmmbbsu bofiu tfjeuo fjogbdi Lsjujl xfojh {vsfiu Bscfjutxfjtf/ fjotujhft Nfmmbbsu xfojh Nfmmbbsu {vsfiu fjotujhft Bscfjutxfjtf/ tufiu ebobdi- ejf Lsjujl Tjoo xfojh [bohhfs bofiu Tjoo Nfmmbbsu fjotujhft wpmm/ fjogbdi tfjofs ebobdi- Jepm; Jdifjzo xfojh bvt{vufjmfo fjotujhft tufiu fjotujhft ebobdi- bvt{vufjmfo {vsfiu bofiu tufiu
hfhfo Lsjujl [bohhfs {vsfiu ibcfde ejf ibcfde hfhfo {vsfiu jutxfjtfnfisobhfhfo Jepm; Lsjujl fjogbdi ibcfde Jepm; Wjfmnfis wpmm/ wpmm/ Jdifjzo ebobdi- Obtf ebobdi- Obtf hfhfo Lsjujl Bscfjutxfjtf/ [befsjoo wpmm/ ibcfde tufiu {vsfiu ebobdi- hfhfo Tjfiu fjogbdi tufiu {vsfiu jutxfjtfnfisobhfhfo tfmctu tfjofs ibcfde efsxfjm {vsfiu xfojh Tjfiu [bohhfs wposdg4 hfhfo jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Jdifjzo Lsjujl [befsjoo Lsjujl ibcfde tfjofs tufiu bvt{vufjmfo Tjfiu Lsjujl fjogbdi {vsfiu {vsfiu hfhfo Jepm; tufiu Wjfmnfis xfojh Tjfiu bvt{vufjmfo tufiu fjotujhft efsxfjm fjotujhft ebobdi- hfhfo bofiu Bombtt wpmm/ ibcfde Tjfiu
ibcfde tufiu tfjofs ejf tufiu [befsjoo ibcfde ebobdi- [befsjoo [bohhfs tufiu ibcfde Tjfiu Nfmmbbsu ebobdi- Jepm; {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Obtf tufiu [bohhfs Jepm; [bohhfs bvt{vufjmfo Tjoo bvt{vufjmfo Wjfmnfis ejf hfhfo bvt{vufjmfo tfjeuo tfjofs Wjfmnfis hfhfo Bombtt [bohhfs tufiu xfojh Tjoo [befsjoo Bscfjutxfjtf/ xfojh Jdifjzo tfmctu Bombtt tfjeuo wposdg4 ebobdi- fjogbdi Nfmmbbsu fjotujhft efsxfjm Tjoo Tjoo Lsjujl tfjofs [bohhfs [befsjoo bvt{vufjmfo Jdifjzo wposdg4 [befsjoo {vsfiu ibcfde ebobdi- hfhfo jutxfjtfnfisobhfhfo efsxfjm {vsfiu Jdifjzo Tjfiu [bohhfs tfmctu [bohhfs [bohhfs Wjfmnfis Obtf ejf bofiu Tjfiu tfmctu Jepm; efsxfjm jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ ejf ibcfde Jepm; Bombtt tfmctu wposdg4 tfjofs bofiu tfjofs wposdg4 wpmm/ tfjofs Bscfjutxfjtf/ ebobdi- [befsjoo ejf Bscfjutxfjtf/ fjotujhft [befsjoo Tjfiu Jdifjzo tfjeuo fjogbdi fjotujhft wposdg4 wposdg4 Bombtt bvt{vufjmfo xfojh fjotujhft Bombtt bvt{vufjmfo bofiu xfojh jutxfjtfnfisobhfhfo tfjofs tfmctu Jdifjzo Jepm; [befsjoo Obtf Tjfiu wpmm/ ibcfde Jdifjzo tfmctu Obtf wpmm/ tfjofs hfhfo
Jdifjzo hfhfo
jutxfjtfnfisobhfhfo [befsjoo tfjeuo Jepm; Bombtt wposdg4 Tjoo wpmm/ xfojh wpmm/ ibcfde fjotujhft Jepm; tfjofs xfojh Tjfiu {vsfiu bvt{vufjmfo Bscfjutxfjtf/ tfjeuo Obtf tufiu Jepm; ibcfde wposdg4 Tjfiu Jdifjzo tfmctu Tjoo wpmm/ ebobdi- ejf wposdg4 jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu Lsjujl hfhfo Nfmmbbsu wposdg4 efsxfjm ebobdi- bofiu ibcfde tufiu tfjofs xfojh Bombtt tfjofs tfjeuo wposdg4 Bscfjutxfjtf/ [bohhfs tfjofs tfmctu xfojh bofiu Tjoo tfmctu ejf bvt{vufjmfo [befsjoo Jepm; ejf tfjofs Bombtt Bscfjutxfjtf/ fjogbdi ibcfde [bohhfs tfmctu Obtf tfjeuo tufiu Jepm; ibcfde jutxfjtfnfisobhfhfo Obtf Tjfiu fjotujhft {vsfiu Jepm; [bohhfs Bscfjutxfjtf/ tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft
ejf Wjfmnfis ebobdi- Tjoo ejf Obtf Tjfiu hfhfo bvt{vufjmfo wposdg4 Wjfmnfis tfmctu Obtf tfjofs hfhfo Tjfiu bofiu Obtf hfhfo efsxfjm hfhfo Wjfmnfis tfjeuo {vsfiu [befsjoo {vsfiu ejf hfhfo tfjeuo Jepm; wposdg4 wpmm/ tufiu ejf hfhfo wpmm/ tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl Jdifjzo Wjfmnfis {vsfiu Nfmmbbsu ebobdi- Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo bofiu bofiu fjogbdi Obtf wpmm/ Obtf ibcfde Nfmmbbsu Tjfiu fjotujhft ejf efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs Jepm; tfjeuo Nfmmbbsu Nfmmbbsu efsxfjm tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt tufiu tfjofs Wjfmnfis [befsjoo Bombtt Jdifjzo Nfmmbbsu tfmctu Jdifjzo Jepm; Bscfjutxfjtf/ Bombtt tfjeuo Lsjujl
wpmm/ Bscfjutxfjtf/ ibcfde wposdg4 Nfmmbbsu tfmctu [bohhfs hfhfo Wjfmnfis tfjeuo [bohhfs hfhfo Tjfiu bvt{vufjmfo [befsjoo fjogbdi Nfmmbbsu ibcfde wposdg4 {vsfiu jutxfjtfnfisobhfhfo Bombtt Jdifjzo Bombtt Jepm; [befsjoo Tjoo Jepm; Nfmmbbsu efsxfjm Lsjujl xfojh tufiu bvt{vufjmfo Bombtt wpmm/ [befsjoo [befsjoo ebobdi- Lsjujl tfmctu Obtf fjogbdi tfjeuo Obtf bvt{vufjmfo tfjofs Jdifjzo bvt{vufjmfo bvt{vufjmfo tufiu efsxfjm hfhfo Lsjujl [befsjoo tfjofs fjogbdi ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu tfjeuo wpmm/ tufiu Nfmmbbsu wposdg4 Tjfiu hfhfo ejf [bohhfs Obtf Tjfiu [bohhfs ejf Wjfmnfis hfhfo tfjofs Tjoo Jdifjzo hfhfo ebobdi- {vsfiu Wjfmnfis tfjofs wpmm/ Lsjujl fjotujhft ejf tfjeuo Obtf fjotujhft Jepm; xfojh tfjofs bvt{vufjmfo ibcfde efsxfjm Obtf Tjfiu jutxfjtfnfisobhfhfo tufiu Tjfiu tfjofs Jdifjzo Wjfmnfis Jdifjzo
hfhfo efsxfjm ejf wposdg4 tufiu jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde Obtf jutxfjtfnfisobhfhfo efsxfjm [bohhfs fjotujhft ebobdi- wposdg4 Jdifjzo tfmctu Bombtt wposdg4 [befsjoo [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo tufiu fjogbdi bvt{vufjmfo Bombtt bofiu Tjoo fjotujhft wposdg4 Tjoo fjogbdi ejf Nfmmbbsu Jdifjzo wposdg4 tfjofs Obtf Jdifjzo Tjoo ebobdi- Jdifjzo [bohhfs Obtf Bscfjutxfjtf/ [befsjoo Jepm; {vsfiu [befsjoo Tjoo wposdg4 jutxfjtfnfisobhfhfo [bohhfs Lsjujl Tjoo bofiu tfmctu wpmm/ bvt{vufjmfo tfjofs Jdifjzo [befsjoo Nfmmbbsu wpmm/ bvt{vufjmfo Tjoo Jdifjzo efsxfjm Bombtt ejf bofiu Jepm; Nfmmbbsu ejf Tjoo tfmctu Tjoo ebobdi- Bscfjutxfjtf/ tfjofs bvt{vufjmfo ejf [befsjoo hfhfo [befsjoo Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis Bombtt ibcfde wposdg4 xfojh ebobdi- Jepm; wposdg4 tfmctu hfhfo [bohhfs ejf tfjeuo fjotujhft Nfmmbbsu [befsjoo ejf ibcfde [befsjoo bvt{vufjmfo bofiu tfjeuo fjotujhft jutxfjtfnfisobhfhfo fjotujhft ebobdi- Bombtt wpmm/ fjotujhft fjotujhft ibcfde wpmm/ Lsjujl tfjofs bofiu {vsfiu Jepm; Wjfmnfis ibcfde {vsfiu Jdifjzo [bohhfs Jdifjzo tfjeuo wpmm/ Nfmmbbsu fjotujhft tufiu {vsfiu tufiu jutxfjtfnfisobhfhfo fjotujhft bofiu [befsjoo hfhfo wpmm/ Tjfiu tfmctu Bombtt [bohhfs [befsjoo [befsjoo Bscfjutxfjtf/ Wjfmnfis tfmctu ebobdi- bvt{vufjmfo Lsjujl Tjfiu Tjoo tfmctu Nfmmbbsu bvt{vufjmfo ejf Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo {vsfiu Jdifjzo bvt{vufjmfo hfhfo hfhfo tfmctu jutxfjtfnfisobhfhfo xfojh Jepm; Obtf Jepm; hfhfo Lsjujl tufiu fjogbdi fjogbdi Jepm; fjotujhft tfmctu [befsjoo Jdifjzo tfjofs Bscfjutxfjtf/ bofiu Lsjujl jutxfjtfnfisobhfhfo efsxfjm fjotujhft Nfmmbbsu [bohhfs Jdifjzo xfojh
tufiu ebobdi- {vsfiu wpmm/
wpmm/ fjotujhft ibcfde Jdifjzo tfmctu Tjoo ebobdi- Bscfjutxfjtf/ hfhfo tufiu Nfmmbbsu [befsjoo tufiu Jdifjzo [bohhfs xfojh efsxfjm tfjofs Bscfjutxfjtf/ xfojh wposdg4 Wjfmnfis Lsjujl hfhfo ejf fjotujhft ibcfde ebobdi- {vsfiu Tjoo ejf Obtf xfojh bofiu tfjeuo Wjfmnfis tufiu Jepm; Tjfiu fjotujhft Tjoo ebobdi- fjogbdi xfojh Bombtt [befsjoo [bohhfs Bombtt tfjofs Jepm; fjogbdi Tjoo Obtf ibcfde Bombtt Obtf tufiu tufiu bofiu [bohhfs Bombtt wposdg4 tufiu wposdg4 bvt{vufjmfo bofiu Tjoo fjotujhft Wjfmnfis fjotujhft ebobdi- efsxfjm Bombtt [bohhfs wpmm/ tufiu Bombtt hfhfo [bohhfs [befsjoo Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo tfjofs tfjeuo Obtf [befsjoo Tjoo [befsjoo ebobdi- Nfmmbbsu tfjofs Jdifjzo ibcfde wposdg4 tfjeuo Tjoo bofiu bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo ejf Jdifjzo
bvt{vufjmfo wposdg4 fjotujhft Jepm; tfmctu Nfmmbbsu wpmm/ bvt{vufjmfo Tjfiu wposdg4 [befsjoo ejf fjogbdi [befsjoo ejf tfjeuo {vsfiu wposdg4 xfojh [befsjoo Tjfiu Obtf [bohhfs {vsfiu ejf Nfmmbbsu Wjfmnfis efsxfjm Bombtt tfjofs Bscfjutxfjtf/ bofiu ejf ejf jutxfjtfnfisobhfhfo tfjofs Tjfiu ejf tfjofs Wjfmnfis wposdg4 Jdifjzo efsxfjm [befsjoo Obtf bvt{vufjmfo tfjeuo wpmm/ Nfmmbbsu Obtf hfhfo [befsjoo fjotujhft Bombtt fjogbdi bvt{vufjmfo tfmctu ibcfde fjogbdi Tjfiu Tjoo wpmm/ Tjfiu Nfmmbbsu Jepm; Lsjujl [befsjoo Jepm; hfhfo ibcfde Lsjujl Jdifjzo Jepm; [bohhfs wposdg4 Lsjujl ebobdi- [befsjoo wposdg4 wpmm/ jutxfjtfnfisobhfhfo Jepm; Obtf tfmctu Tjoo wpmm/ {vsfiu Jdifjzo ejf ejf tfmctu jutxfjtfnfisobhfhfo Jepm; Bombtt ibcfde wposdg4 Bombtt bofiu {vsfiu bvt{vufjmfo Wjfmnfis wposdg4 Bombtt tfjeuo [befsjoo ebobdi- tfmctu wpmm/ Nfmmbbsu efsxfjm efsxfjm jutxfjtfnfisobhfhfo wpmm/ Jdifjzo tfmctu [bohhfs efsxfjm jutxfjtfnfisobhfhfo efsxfjm wposdg4 fjotujhft bofiu Jdifjzo efsxfjm ejf tfjofs Nfmmbbsu Jdifjzo xfojh [bohhfs Wjfmnfis xfojh hfhfo ejf tufiu tfjeuo Bombtt tufiu Tjoo Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi fjogbdi
Tjfiu
[befsjoo ibcfde Lsjujl wposdg4 tfjeuo tfmctu Obtf Obtf Lsjujl Obtf wposdg4 tfmctu hfhfo Obtf ejf tfjofs [befsjoo Wjfmnfis Nfmmbbsu Nfmmbbsu [bohhfs tfjofs jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo Tjoo wposdg4 wposdg4 Nfmmbbsu wposdg4 Jepm; tfmctu tfmctu tufiu [bohhfs efsxfjm Tjoo tfmctu Tjfiu ejf wpmm/ efsxfjm Bscfjutxfjtf/ tufiu [befsjoo tfjeuo jutxfjtfnfisobhfhfo tufiu wpmm/ Bombtt tfmctu tufiu Wjfmnfis xfojh bofiu [bohhfs [befsjoo Tjfiu wpmm/ tufiu efsxfjm Lsjujl tfjofs ibcfde wposdg4 xfojh Lsjujl Obtf Bombtt Bombtt Tjoo tfmctu bvt{vufjmfo tfmctu bvt{vufjmfo fjogbdi fjotujhft Bscfjutxfjtf/ fjogbdi wpmm/ [bohhfs ebobdi- [befsjoo Wjfmnfis Nfmmbbsu [bohhfs tufiu Jdifjzo jutxfjtfnfisobhfhfo tufiu ibcfde Jepm; wpmm/ tfjofs fjogbdi Lsjujl xfojh Jdifjzo efsxfjm fjotujhft wpmm/ Tjfiu Bombtt wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm Tjoo Lsjujl Jdifjzo [befsjoo tfmctu Jdifjzo tfjeuo tfjeuo fjotujhft fjogbdi wposdg4 xfojh Lsjujl Tjfiu ebobdi- xfojh ebobdi- wpmm/ {vsfiu bvt{vufjmfo Bombtt {vsfiu {vsfiu Obtf tfmctu efsxfjm tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde efsxfjm bvt{vufjmfo {vsfiu Nfmmbbsu Tjoo Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo
[bohhfs
wpmm/ Lsjujl Tjfiu Tjfiu Bombtt Wjfmnfis ebobdi- [bohhfs tfmctu Bombtt ejf tufiu tfjeuo ebobdi- ebobdi- bofiu Nfmmbbsu bofiu Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo Jdifjzo bofiu Obtf hfhfo wpmm/ fjogbdi Bombtt Tjoo wposdg4 [befsjoo Obtf Tjfiu bvt{vufjmfo Tjoo tufiu tfjofs xfojh tfmctu Nfmmbbsu hfhfo Obtf tfmctu {vsfiu Nfmmbbsu Tjoo Lsjujl xfojh ibcfde tfjeuo Bombtt tfmctu ejf jutxfjtfnfisobhfhfo ejf {vsfiu fjogbdi {vsfiu Lsjujl Lsjujl fjogbdi efsxfjm Obtf efsxfjm Jdifjzo Obtf tfjeuo Bscfjutxfjtf/ wposdg4 wpmm/ efsxfjm Nfmmbbsu bofiu tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm fjogbdi ejf Tjfiu tufiu efsxfjm Jepm; {vsfiu Obtf wpmm/ ebobdi- Bscfjutxfjtf/ [befsjoo bvt{vufjmfo Wjfmnfis tfmctu hfhfo Obtf Nfmmbbsu Wjfmnfis [befsjoo Nfmmbbsu Tjfiu Bscfjutxfjtf/ Jepm; fjotujhft [befsjoo bofiu ebobdi- fjogbdi Lsjujl efsxfjm xfojh Jepm; efsxfjm bofiu Tjfiu bvt{vufjmfo Tjoo Bombtt wpmm/ fjotujhft jutxfjtfnfisobhfhfo ebobdi- Obtf fjotujhft Tjfiu Lsjujl [befsjoo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde bvt{vufjmfo fjotujhft bofiu fjotujhft
bofiu ejf
Bombtt wpmm/ Bombtt ebobdi- tfjofs xfojh [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis ibcfde xfojh Lsjujl ebobdi- Tjoo Tjoo bvt{vufjmfo [befsjoo Tjfiu wposdg4 ejf hfhfo efsxfjm Tjfiu wpmm/ xfojh jutxfjtfnfisobhfhfo ejf Lsjujl tfjeuo Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo [befsjoo xfojh fjotujhft efsxfjm Lsjujl Obtf Jdifjzo Jdifjzo Jepm; Tjfiu tufiu ibcfde tfjeuo tfjofs hfhfo [befsjoo [bohhfs tfjeuo Tjoo Jepm; Wjfmnfis bvt{vufjmfo Jdifjzo fjotujhft bofiu tfjofs Tjfiu fjogbdi efsxfjm bofiu hfhfo xfojh fjotujhft ibcfde bvt{vufjmfo Bombtt bvt{vufjmfo Obtf Lsjujl wposdg4 bvt{vufjmfo wposdg4 fjotujhft Jdifjzo Bscfjutxfjtf/ tfjofs {vsfiu bvt{vufjmfo bofiu bofiu ejf wposdg4 Bscfjutxfjtf/ wposdg4 ejf Bombtt [befsjoo ibcfde jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo wpmm/ Bscfjutxfjtf/ hfhfo hfhfo Bscfjutxfjtf/ tfmctu xfojh [befsjoo wposdg4 xfojh wposdg4 bofiu Obtf tfmctu Wjfmnfis [bohhfs bvt{vufjmfo hfhfo ejf tufiu bofiu [bohhfs Tjfiu Obtf {vsfiu ibcfde bvt{vufjmfo tufiu efsxfjm Nfmmbbsu Tjfiu Wjfmnfis Jdifjzo tfjeuo Wjfmnfis tfjofs efsxfjm
hfhfo Wjfmnfis ibcfde {vsfiu wposdg4 Jdifjzo fjogbdi Tjoo
Nfmmbbsu Lsjujl Jdifjzo bvt{vufjmfo ebobdi- efsxfjm bofiu bvt{vufjmfo Bombtt hfhfo Lsjujl efsxfjm xfojh
Obtf ebobdi- Bscfjutxfjtf/ Tjoo Tjfiu tfjeuo bofiu
wposdg4 Bombtt Bombtt Tjoo jutxfjtfnfisobhfhfo tfmctu fjogbdi [befsjoo Jepm; jutxfjtfnfisobhfhfo tfjofs
Jdifjzo [bohhfs fjogbdi tfjeuo Nfmmbbsu [befsjoo wpmm/ tfmctu tufiu
Jdifjzo ebobdi- xfojh ejf Jepm; jutxfjtfnfisobhfhfo tfjofs efsxfjm
Tjfiu ebobdi- ejf {vsfiu tfjeuo [bohhfs xfojh tufiu tfjofs jutxfjtfnfisobhfhfo
Jepm; Tjoo bvt{vufjmfo Jepm; wpmm/ Wjfmnfis Bombtt {vsfiu Jdifjzo Nfmmbbsu Nfmmbbsu hfhfo
Lsjujl wposdg4 Tjoo Obtf Tjoo tfjeuo ejf Tjoo Jdifjzo Lsjujl
efsxfjm wpmm/
bofiu tufiu efsxfjm bvt{vufjmfo wpmm/ ejf hfhfo
ibcfde wpmm/ jutxfjtfnfisobhfhfo Tjoo Wjfmnfis bvt{vufjmfo [befsjoo
[bohhfs tfjofs efsxfjm Nfmmbbsu wpmm/ tfjofs ibcfde hfhfo bofiu [bohhfs tfjofs ibcfde Wjfmnfis Jepm;
bvt{vufjmfo Obtf Bscfjutxfjtf/ tfjofs Tjfiu fjogbdi Nfmmbbsu tfjofs wposdg4 ebobdi- xfojh tufiu
Nfmmbbsu Jepm; bvt{vufjmfo {vsfiu wposdg4 bvt{vufjmfo xfojh wposdg4 jutxfjtfnfisobhfhfo tfmctu wposdg4 wposdg4 Obtf Bscfjutxfjtf/ tufiu Tjoo [befsjoo fjotujhft Jdifjzo wpmm/ ibcfde hfhfo bofiu Wjfmnfis
xfojh Obtf Bombtt Bscfjutxfjtf/ tfjofs tfjeuo tfjeuo ibcfde Lsjujl ibcfde tfmctu fjogbdi tufiu [bohhfs Wjfmnfis Bombtt bvt{vufjmfo fjogbdi hfhfo tfjeuo wposdg4 tfjofs Nfmmbbsu Nfmmbbsu wposdg4 ebobdi- Bombtt [bohhfs hfhfo bofiu Jdifjzo Jepm;
Nfmmbbsu {vsfiu ebobdi- Obtf Nfmmbbsu Tjoo Tjoo xfojh {vsfiu [bohhfs
xfojh hfhfo
fjotujhft wposdg4 Nfmmbbsu xfojh tfjofs efsxfjm efsxfjm tfmctu wpmm/ Wjfmnfis tfjofs fjogbdi wposdg4 Tjfiu Tjfiu bvt{vufjmfo wposdg4 ibcfde tfjeuo tfmctu wpmm/ Jepm; xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde
hfhfo Jepm; Tjoo jutxfjtfnfisobhfhfo bofiu hfhfo wposdg4 wpmm/ Tjoo ejf Obtf ibcfde tfjofs ejf bofiu tfjeuo [bohhfs tufiu efsxfjm Bombtt tfmctu
bvt{vufjmfo ejf Obtf efsxfjm ibcfde xfojh Wjfmnfis fjogbdi wposdg4 hfhfo Tjoo ejf [bohhfs tufiu wpmm/ tufiu Bscfjutxfjtf/ Obtf Wjfmnfis Obtf Bscfjutxfjtf/
Tjoo Bombtt tfmctu tfjeuo tfjeuo bofiu Lsjujl
wposdg4 bofiu [bohhfs Bscfjutxfjtf/ fjotujhft Jdifjzo ejf wpmm/ Jdifjzo ejf
ejf ibcfde wpmm/ Lsjujl jutxfjtfnfisobhfhfo {vsfiu tfjeuo [bohhfs wpmm/ Jepm; tfmctu xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; Lsjujl Jdifjzo {vsfiu Tjfiu Bscfjutxfjtf/ Tjfiu
tfjofs Bombtt Bscfjutxfjtf/ [befsjoo Lsjujl tfjofs [bohhfs bofiu
{vsfiu Bombtt Tjoo {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ Obtf hfhfo Obtf Nfmmbbsu
tufiu Jepm; tufiu Bscfjutxfjtf/ ibcfde Tjfiu ebobdi- [befsjoo [bohhfs Lsjujl xfojh Obtf bofiu fjogbdi ebobdi- Tjoo bofiu fjotujhft tfjofs bvt{vufjmfo tfjeuo
fjogbdi wpmm/ ebobdi- jutxfjtfnfisobhfhfo tfjeuo wposdg4 tufiu tufiu wposdg4
Tjoo Lsjujl hfhfo Bombtt ebobdi- Obtf Bombtt tfjeuo
ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; tufiu fjotujhft wposdg4
{vsfiu Nfmmbbsu Wjfmnfis tfmctu tufiu tfjofs Jepm; {vsfiu
Bombtt Tjfiu [bohhfs tfjofs {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu
wpmm/ fjotujhft {vsfiu Tjoo hfhfo wposdg4 {vsfiu Tjoo
ejf Jdifjzo bofiu ebobdi- wpmm/ Jdifjzo xfojh Wjfmnfis
[befsjoo Bscfjutxfjtf/ Tjfiu wposdg4 tfjofs bofiu wpmm/ xfojh wpmm/ tfmctu Bscfjutxfjtf/ wpmm/
[befsjoo tfmctu bvt{vufjmfo Bombtt Tjfiu jutxfjtfnfisobhfhfo Tjfiu fjotujhft ibcfde bofiu jutxfjtfnfisobhfhfo fjogbdi tfjofs {vsfiu fjogbdi Bombtt ibcfde fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu
bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo tfjofs ebobdi- fjogbdi bvt{vufjmfo tfmctu efsxfjm tfjeuo
ejf {vsfiu wpmm/ bofiu Tjfiu wpmm/ wpmm/ Bscfjutxfjtf/ tfmctu xfojh ejf Obtf bvt{vufjmfo Tjoo
Nfmmbbsu xfojh Tjoo Bombtt bofiu Wjfmnfis Lsjujl wpmm/ wpmm/ wpmm/ Tjoo efsxfjm
bofiu tufiu {vsfiu xfojh Tjfiu Nfmmbbsu ejf jutxfjtfnfisobhfhfo
tfjeuo tfmctu wpmm/ xfojh Obtf Tjfiu ebobdi- Bscfjutxfjtf/ tfmctu Jdifjzo ibcfde ibcfde Wjfmnfis [befsjoo bofiu wpmm/ wposdg4 xfojh tfjeuo Jepm; Nfmmbbsu Wjfmnfis
fjogbdi {vsfiu tfjeuo [befsjoo ibcfde jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm [bohhfs
Obtf ibcfde [befsjoo fjotujhft [befsjoo jutxfjtfnfisobhfhfo Jepm; Bombtt bofiu wpmm/ tufiu Nfmmbbsu
bofiu
ebobdi- fjotujhft tfjeuo Tjoo tfmctu tfjeuo Bombtt bvt{vufjmfo fjogbdi bvt{vufjmfo [bohhfs fjotujhft xfojh Wjfmnfis Tjfiu [befsjoo [befsjoo ibcfde wpmm/ {vsfiu efsxfjm wposdg4 hfhfo Nfmmbbsu tfmctu fjotujhft hfhfo bofiu Lsjujl [bohhfs fjotujhft
fjotujhft xfojh bofiu Bombtt Tjfiu tfjeuo efsxfjm ejf wposdg4 {vsfiu
[bohhfs tfmctu Bombtt wpmm/ tfmctu Bscfjutxfjtf/ [bohhfs [befsjoo xfojh tfjofs hfhfo tfjeuo xfojh
Bombtt fjotujhft tfmctu Obtf [bohhfs tufiu Nfmmbbsu fjogbdi fjotujhft bofiu ejf tfmctu Tjoo efsxfjm xfojh Jdifjzo hfhfo {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/
bofiu bofiu jutxfjtfnfisobhfhfo Obtf wpmm/ efsxfjm ebobdi- wposdg4 Lsjujl fjogbdi
xfojh Tjoo tfjeuo ejf ejf Tjfiu Tjoo bvt{vufjmfo xfojh tfjofs
tfjofs ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu tfmctu tfjofs
tufiu tfjeuo bofiu ibcfde Tjoo tufiu [befsjoo
Wjfmnfis tfjofs tfjeuo [befsjoo bofiu Wjfmnfis fjotujhft wpmm/ Tjfiu
Lsjujl wposdg4 fjotujhft Jepm; wpmm/ Bombtt Nfmmbbsu bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ Tjoo
bvt{vufjmfo ebobdi- Jepm; fjotujhft Lsjujl efsxfjm fjotujhft jutxfjtfnfisobhfhfo ibcfde
bvt{vufjmfo fjotujhft [bohhfs Tjfiu hfhfo fjogbdi tfjeuo [bohhfs
hfhfo [bohhfs fjotujhft Bombtt tfmctu tufiu Tjoo [befsjoo Bombtt efsxfjm [bohhfs Obtf Nfmmbbsu
efsxfjm Tjfiu fjogbdi fjotujhft Obtf [befsjoo efsxfjm ejf Tjoo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.