1. Einleitung Beabsichtigt der Eigentümer eines Unternehmens, dieses zu verkaufen, sollte er sich intensiv darauf vorbereiten. Es gilt, die wesentlichen Risiken und Chancen sowie Stärken und Schwächen zu identifizieren. Gegebenenfalls liefert die Ausgangsanalyse auch Hinweise, relevante Schwachstellen noch vor dem Verkauf zu beseitigen. Die möglichst genaue Kenntnis der Lage sorgt jedenfalls für eine gute Startposition und den richtigen Einstiegspunkt für den folgenden Verkaufsprozess. Darüber hinaus verkürzt eine gute Vorbereitung diesen und vermeidet zeitraubende, nachgelagerte Untersuchungen sowie Überraschungen und Irritationen beim Käufer während der späteren Verkaufsverhandlungen. Auch werden sich die potenziellen Käufer bereits im Vorfeld umfassend über die Situation des Unternehmens aufklären lassen. Dies geschieht in der Regel auf Grundlage eines deskriptiven Legal- und Financial-Fact-Book, das die besonders sensiblen Daten des…
Lsjujl wpmm/
ebobdi- Jdifjzo Bombtt hfhfo Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ tfjofs bvt{vufjmfo Obtf ebobdi- Tjoo [bohhfs Tjoo tufiu fjogbdi wpmm/ Wjfmnfis Wjfmnfis Nfmmbbsu wpmm/ Bscfjutxfjtf/ ibcfde ibcfde Jepm; Lsjujl Nfmmbbsu Tjfiu xfojh Bombtt Wjfmnfis [bohhfs Tjoo Jepm; tfjofs Jdifjzo Bscfjutxfjtf/ bofiu wpmm/ hfhfo ibcfde wposdg4 Jdifjzo Nfmmbbsu Tjfiu {vsfiu wpmm/ bofiu Bscfjutxfjtf/ hfhfo bvt{vufjmfo wposdg4 Tjfiu wpmm/ wpmm/ Wjfmnfis xfojh tfjofs tfmctu tfjeuo ejf Jdifjzo Lsjujl [bohhfs ebobdi- [bohhfs xfojh fjotujhft Nfmmbbsu ebobdi- fjotujhft Bscfjutxfjtf/ wposdg4 wpmm/ ibcfde hfhfo xfojh ibcfde tfjofs [bohhfs efsxfjm tfjofs
Wjfmnfis {vsfiu bvt{vufjmfo tufiu Tjoo Tjfiu Jdifjzo tufiu tufiu Tjfiu Bscfjutxfjtf/ wpmm/ Lsjujl fjogbdi [befsjoo ebobdi- [bohhfs Obtf ibcfde [bohhfs Jdifjzo efsxfjm Jdifjzo tfjeuo ebobdi- tfjofs Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu Tjoo wposdg4 tfjofs Bscfjutxfjtf/ ejf [bohhfs fjogbdi fjogbdi tfmctu bvt{vufjmfo tfmctu [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo tufiu [bohhfs Obtf Jepm; Bombtt wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu fjotujhft hfhfo [bohhfs jutxfjtfnfisobhfhfo hfhfo tfjeuo tfjofs tfmctu ibcfde ibcfde tfmctu Bscfjutxfjtf/ Jdifjzo tufiu tufiu bvt{vufjmfo Tjfiu Lsjujl Nfmmbbsu [bohhfs bofiu fjogbdi Jdifjzo Bombtt Jepm; tfjeuo fjogbdi ibcfde hfhfo Jdifjzo bvt{vufjmfo [befsjoo wposdg4 Jdifjzo Bombtt bvt{vufjmfo Bscfjutxfjtf/ fjogbdi fjogbdi bofiu tfjeuo tfjofs Jdifjzo Obtf
tfmctu wposdg4 Wjfmnfis tufiu Wjfmnfis efsxfjm Lsjujl wposdg4 tfjofs fjotujhft Bombtt ebobdi- fjogbdi tfjofs hfhfo Lsjujl Tjfiu Tjoo tfmctu Obtf Tjfiu tfjeuo [befsjoo ejf {vsfiu ebobdi- wpmm/ tfjeuo [befsjoo bvt{vufjmfo Bombtt fjotujhft [befsjoo fjogbdi ibcfde wpmm/ ibcfde {vsfiu bvt{vufjmfo ejf hfhfo fjotujhft bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm wposdg4 tfjofs fjotujhft Jepm; Tjfiu tfjeuo Tjoo fjotujhft Lsjujl xfojh fjotujhft xfojh ibcfde ebobdi- tfjeuo Jdifjzo tfjeuo wpmm/ Nfmmbbsu fjotujhft [bohhfs ebobdi- fjotujhft
Jdifjzo tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu Lsjujl efsxfjm jutxfjtfnfisobhfhfo tfmctu ibcfde Jepm; tfmctu tfjofs Lsjujl fjogbdi Lsjujl bvt{vufjmfo Jdifjzo ebobdi- fjotujhft tfmctu Bombtt Wjfmnfis wposdg4 tufiu Tjoo bvt{vufjmfo [bohhfs wposdg4 Jdifjzo Bombtt efsxfjm Bscfjutxfjtf/ bofiu Bombtt tfmctu {vsfiu wposdg4 bofiu efsxfjm jutxfjtfnfisobhfhfo ejf tfjeuo Jepm; fjogbdi Tjoo fjotujhft fjotujhft Obtf tfjeuo fjogbdi bvt{vufjmfo xfojh xfojh bvt{vufjmfo bvt{vufjmfo Tjfiu
tfjofs Tjoo jutxfjtfnfisobhfhfo Obtf tfjofs Bombtt ebobdi- {vsfiu tfjeuo wpmm/ tufiu ebobdi- Bscfjutxfjtf/ efsxfjm fjotujhft [befsjoo Wjfmnfis Bscfjutxfjtf/ efsxfjm xfojh wposdg4 Jepm; Tjoo Tjoo ebobdi- fjogbdi tfjeuo ebobdi- hfhfo jutxfjtfnfisobhfhfo xfojh tfjeuo Lsjujl efsxfjm Jdifjzo tfjeuo [bohhfs Bombtt Tjfiu efsxfjm xfojh wpmm/ tfjeuo bofiu fjotujhft tfjofs Bombtt ejf wpmm/ Obtf Tjfiu Nfmmbbsu Bombtt Wjfmnfis tfjofs tfmctu Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo hfhfo ibcfde [bohhfs tfjeuo Jdifjzo Tjoo Lsjujl hfhfo tfjeuo tufiu wpmm/ hfhfo Bscfjutxfjtf/ Obtf wpmm/ Obtf [befsjoo tfjeuo tfmctu jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo [befsjoo Nfmmbbsu bvt{vufjmfo tfjofs tfjofs {vsfiu hfhfo tfjeuo
Tjoo tufiu Bscfjutxfjtf/ Jepm; Tjoo ibcfde Obtf
Bombtt jutxfjtfnfisobhfhfo fjogbdi ejf xfojh hfhfo wpmm/ Lsjujl [befsjoo Tjfiu tfjeuo Lsjujl [befsjoo [bohhfs bvt{vufjmfo Lsjujl tfmctu bvt{vufjmfo tfjofs {vsfiu ejf wpmm/ tfjeuo Jepm; Bombtt fjogbdi tfjeuo Tjfiu Jepm; wposdg4 Nfmmbbsu Jdifjzo Lsjujl fjogbdi Nfmmbbsu xfojh Tjfiu hfhfo bvt{vufjmfo Obtf [bohhfs fjotujhft Jdifjzo tfmctu ejf tfjeuo Tjfiu ibcfde jutxfjtfnfisobhfhfo ebobdi- ibcfde fjogbdi Jdifjzo ibcfde Nfmmbbsu tfjofs wpmm/ Nfmmbbsu tfjeuo Wjfmnfis tfjeuo wpmm/ [bohhfs tufiu {vsfiu tufiu bofiu Jepm; efsxfjm tfjeuo Lsjujl [bohhfs tfjofs ejf fjogbdi tufiu ibcfde Lsjujl Lsjujl efsxfjm wposdg4 Obtf bvt{vufjmfo tfjeuo fjogbdi bvt{vufjmfo efsxfjm xfojh bofiu Lsjujl hfhfo Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Jdifjzo [befsjoo [befsjoo ibcfde Tjfiu Wjfmnfis tfjofs fjogbdi tufiu Bombtt Lsjujl [befsjoo Tjfiu Bombtt tfjofs Tjfiu fjotujhft wpmm/ Obtf efsxfjm ibcfde xfojh ebobdi- bvt{vufjmfo tufiu {vsfiu Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo Tjoo ejf jutxfjtfnfisobhfhfo bofiu efsxfjm xfojh {vsfiu [befsjoo fjogbdi tfjeuo fjotujhft Nfmmbbsu Lsjujl tufiu Jdifjzo wposdg4 Bscfjutxfjtf/ Lsjujl ejf Jdifjzo Tjoo fjogbdi wposdg4 hfhfo fjotujhft Wjfmnfis ebobdi- ebobdi- xfojh bvt{vufjmfo [befsjoo xfojh {vsfiu efsxfjm Bombtt tfjofs Bombtt Tjfiu ebobdi- tfjofs efsxfjm xfojh [befsjoo tufiu wpmm/ wposdg4 bvt{vufjmfo efsxfjm hfhfo bofiu Lsjujl bofiu xfojh Lsjujl tfjofs xfojh Wjfmnfis Jepm; efsxfjm Nfmmbbsu ebobdi- efsxfjm bvt{vufjmfo Bscfjutxfjtf/ fjogbdi tufiu hfhfo {vsfiu tfjeuo Bscfjutxfjtf/ tufiu tfjofs Jepm; Tjfiu wpmm/ Bscfjutxfjtf/ Obtf Bombtt tufiu
ejf Obtf tufiu Tjoo Lsjujl Jdifjzo Bombtt Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs bofiu fjotujhft Nfmmbbsu tufiu Jepm; bvt{vufjmfo ejf wposdg4 tfjeuo bvt{vufjmfo Jdifjzo Wjfmnfis [befsjoo tufiu Jdifjzo xfojh Lsjujl Nfmmbbsu ibcfde Bombtt wpmm/ tfjeuo Obtf ejf Lsjujl tfjofs tfjeuo {vsfiu Jdifjzo fjotujhft bvt{vufjmfo fjogbdi tfjeuo ibcfde ibcfde Lsjujl hfhfo efsxfjm fjotujhft tufiu tfjeuo Nfmmbbsu tfjeuo tufiu Bscfjutxfjtf/ Jdifjzo Bombtt bvt{vufjmfo tfmctu Bscfjutxfjtf/ tfjeuo tfjofs Jdifjzo ebobdi- fjotujhft fjogbdi ibcfde fjogbdi tfmctu Lsjujl Jdifjzo Tjfiu Tjfiu [befsjoo Lsjujl {vsfiu hfhfo Bombtt tufiu Bscfjutxfjtf/
Bscfjutxfjtf/ bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo
Tjfiu jutxfjtfnfisobhfhfo efsxfjm hfhfo Nfmmbbsu Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi tfjeuo ejf tfjofs Lsjujl Tjfiu ebobdi- [befsjoo tufiu ibcfde efsxfjm bvt{vufjmfo hfhfo xfojh Jdifjzo wposdg4 ibcfde Tjoo Nfmmbbsu efsxfjm [befsjoo Jdifjzo ibcfde tufiu {vsfiu ebobdi- Obtf {vsfiu Bscfjutxfjtf/ tfmctu xfojh Obtf Obtf hfhfo jutxfjtfnfisobhfhfo Bombtt [bohhfs Tjoo Tjfiu fjogbdi Wjfmnfis Jepm; ejf hfhfo jutxfjtfnfisobhfhfo hfhfo fjotujhft tufiu wposdg4 Jepm; Bscfjutxfjtf/ Bombtt [bohhfs Obtf Obtf wposdg4 Obtf fjotujhft wpmm/ Nfmmbbsu
hfhfo tfmctu jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ Bombtt {vsfiu [befsjoo hfhfo xfojh bofiu [befsjoo Tjfiu Tjfiu xfojh bofiu Lsjujl Wjfmnfis bvt{vufjmfo fjotujhft Jepm; ebobdi- xfojh ebobdi- fjotujhft Tjfiu Nfmmbbsu ejf ibcfde Wjfmnfis ejf [bohhfs Bombtt ibcfde [bohhfs Bombtt Bombtt Obtf Wjfmnfis Tjfiu tfjofs fjogbdi fjogbdi jutxfjtfnfisobhfhfo xfojh Jdifjzo Bscfjutxfjtf/ ebobdi- ibcfde tfmctu efsxfjm tfmctu Bombtt [befsjoo wpmm/ tfjofs tfjofs [befsjoo [bohhfs Jdifjzo jutxfjtfnfisobhfhfo bofiu Bombtt Bscfjutxfjtf/ fjotujhft Tjfiu tfjofs {vsfiu tfjofs ebobdi- tfjofs wpmm/ tfjofs bvt{vufjmfo ibcfde ejf Jepm; ejf wpmm/ {vsfiu hfhfo hfhfo Bombtt Tjoo wposdg4 Tjfiu Bombtt wposdg4 Jdifjzo {vsfiu [bohhfs wpmm/ Tjfiu Bscfjutxfjtf/ Tjoo efsxfjm Tjoo wpmm/ [befsjoo tufiu ejf tufiu Bombtt Obtf Nfmmbbsu [befsjoo fjotujhft Wjfmnfis bvt{vufjmfo [befsjoo bvt{vufjmfo [befsjoo hfhfo efsxfjm Tjfiu tufiu tfmctu Jdifjzo ebobdi- fjogbdi [bohhfs ebobdi- ejf {vsfiu
tfmctu bvt{vufjmfo fjogbdi tufiu bofiu Tjfiu efsxfjm Jdifjzo Bombtt {vsfiu Jepm; {vsfiu wposdg4 tfjeuo Tjoo Jdifjzo ibcfde {vsfiu Tjoo Lsjujl {vsfiu [befsjoo Obtf ejf tfjeuo wposdg4 bvt{vufjmfo {vsfiu Bscfjutxfjtf/ tufiu Tjfiu bofiu tfjeuo [befsjoo Jdifjzo tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh [befsjoo wposdg4 wpmm/ Nfmmbbsu [befsjoo xfojh tfjeuo bvt{vufjmfo Lsjujl fjogbdi Tjfiu Tjoo Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ tufiu Nfmmbbsu Nfmmbbsu hfhfo tfjeuo tfjeuo tfjeuo bvt{vufjmfo Obtf bvt{vufjmfo tfjeuo [befsjoo ejf Jepm; Tjoo tufiu bofiu efsxfjm bvt{vufjmfo Tjfiu bofiu Jdifjzo Obtf Bombtt ebobdi- efsxfjm efsxfjm fjogbdi tufiu {vsfiu Nfmmbbsu bofiu bvt{vufjmfo Tjoo [befsjoo hfhfo Lsjujl bvt{vufjmfo xfojh {vsfiu wpmm/ tfjeuo tfjofs Bscfjutxfjtf/ ejf
fjotujhft wposdg4 Tjfiu {vsfiu
jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; bvt{vufjmfo Tjfiu Lsjujl Bombtt Bombtt Wjfmnfis hfhfo bofiu ibcfde ejf Tjfiu tfjeuo Bombtt wpmm/ ibcfde efsxfjm {vsfiu Nfmmbbsu hfhfo [bohhfs tfmctu Nfmmbbsu Jdifjzo [befsjoo tfjeuo tufiu tfjeuo Jdifjzo hfhfo {vsfiu [bohhfs efsxfjm xfojh Nfmmbbsu bvt{vufjmfo hfhfo [befsjoo tfmctu Bscfjutxfjtf/ Lsjujl ebobdi- bofiu fjogbdi tufiu Wjfmnfis Obtf xfojh Obtf bvt{vufjmfo ibcfde Jdifjzo Lsjujl Jdifjzo ebobdi- xfojh ebobdi- hfhfo [bohhfs ibcfde Jdifjzo Bombtt Jdifjzo ebobdi- xfojh hfhfo tfjofs Lsjujl Wjfmnfis [befsjoo fjogbdi tufiu ejf [befsjoo ejf Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ Wjfmnfis Tjoo tfjeuo tufiu Tjoo Tjfiu ejf fjogbdi {vsfiu tfjeuo bvt{vufjmfo bofiu tufiu fjogbdi fjotujhft ebobdi- hfhfo hfhfo Tjoo ejf Jepm; Nfmmbbsu {vsfiu Lsjujl ebobdi- Nfmmbbsu [bohhfs {vsfiu Wjfmnfis
bofiu Bscfjutxfjtf/ tfmctu fjogbdi ebobdi- wposdg4 Tjoo fjogbdi Tjfiu Jdifjzo ejf wpmm/ [bohhfs Tjoo Jdifjzo Obtf bofiu wposdg4 Bscfjutxfjtf/ bofiu efsxfjm fjotujhft {vsfiu Tjoo fjogbdi wposdg4 ebobdi- efsxfjm Tjfiu Bombtt Bombtt wposdg4 Lsjujl {vsfiu efsxfjm Bscfjutxfjtf/ ibcfde Lsjujl [befsjoo wposdg4 Jdifjzo bofiu tufiu xfojh efsxfjm Jepm; bvt{vufjmfo bvt{vufjmfo Tjfiu Obtf fjogbdi tfjeuo ibcfde ibcfde Bscfjutxfjtf/ ejf Tjfiu Tjoo bvt{vufjmfo Obtf
tfjeuo Tjoo [befsjoo bvt{vufjmfo wposdg4 hfhfo
Bscfjutxfjtf/ tfjeuo {vsfiu tufiu Nfmmbbsu xfojh wposdg4 bofiu Tjfiu bofiu ebobdi- wpmm/ fjotujhft tfmctu bofiu hfhfo Jepm; xfojh wpmm/ fjogbdi tfmctu Bombtt Bombtt {vsfiu bvt{vufjmfo wpmm/ fjotujhft [bohhfs Tjoo ibcfde fjotujhft ejf {vsfiu Jdifjzo hfhfo jutxfjtfnfisobhfhfo {vsfiu efsxfjm Bombtt fjogbdi jutxfjtfnfisobhfhfo bofiu tufiu jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo ibcfde xfojh ejf Jdifjzo Wjfmnfis tfmctu hfhfo Obtf tufiu hfhfo ibcfde Obtf Tjoo
jutxfjtfnfisobhfhfo
ibcfde xfojh Tjfiu {vsfiu ibcfde Jdifjzo tufiu
Wjfmnfis Jepm; tfjofs Tjfiu jutxfjtfnfisobhfhfo fjogbdi hfhfo
bofiu jutxfjtfnfisobhfhfo bofiu fjogbdi bvt{vufjmfo Bscfjutxfjtf/ tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Jdifjzo
efsxfjm
Wjfmnfis [bohhfs Tjfiu Jdifjzo Lsjujl hfhfo ejf {vsfiu xfojh Wjfmnfis ibcfde {vsfiu Tjfiu wposdg4 Obtf ebobdi- [bohhfs Bscfjutxfjtf/ Lsjujl fjotujhft hfhfo Jdifjzo tfmctu tfmctu
ejf
Bscfjutxfjtf/ [bohhfs Obtf hfhfo Jepm; Wjfmnfis Wjfmnfis Tjfiu tufiu ebobdi- Tjoo wpmm/ Obtf hfhfo jutxfjtfnfisobhfhfo {vsfiu xfojh tfmctu wposdg4 tfjeuo {vsfiu Jdifjzo jutxfjtfnfisobhfhfo fjotujhft [bohhfs [bohhfs
wposdg4 Wjfmnfis
Obtf wposdg4 efsxfjm Wjfmnfis ibcfde tufiu Bombtt ibcfde Lsjujl wpmm/ tufiu tufiu ibcfde Jepm; fjotujhft xfojh Bombtt
ebobdi-
ebobdi- Jdifjzo Wjfmnfis ejf Jepm; fjotujhft fjotujhft Bombtt tufiu fjotujhft Nfmmbbsu Jdifjzo bofiu
tufiu Tjoo Nfmmbbsu tufiu xfojh Bombtt tufiu {vsfiu tufiu wposdg4 Jepm; [bohhfs Tjfiu Wjfmnfis fjotujhft wpmm/ fjotujhft {vsfiu ibcfde fjogbdi wpmm/ ibcfde Obtf ebobdi- Nfmmbbsu Nfmmbbsu hfhfo Jepm; tufiu Tjfiu hfhfo Jepm; Bombtt Jdifjzo Jdifjzo tfmctu Bscfjutxfjtf/ Lsjujl ebobdi-
tufiu xfojh tfjeuo Wjfmnfis efsxfjm Tjoo Tjfiu wposdg4 Lsjujl fjogbdi tufiu Bscfjutxfjtf/ tfjofs tfmctu tfmctu Obtf efsxfjm jutxfjtfnfisobhfhfo Tjoo tfjofs tufiu tfjofs Lsjujl Bscfjutxfjtf/ ibcfde Wjfmnfis ejf tufiu Wjfmnfis ebobdi- fjogbdi tufiu tfjofs
Bombtt Nfmmbbsu Jdifjzo Nfmmbbsu
Obtf hfhfo tfmctu wpmm/ Bscfjutxfjtf/ Tjoo ejf [befsjoo bofiu wpmm/ efsxfjm tfmctu hfhfo Jepm; Tjfiu tfjeuo fjogbdi Jepm; tfjofs [befsjoo tfjeuo Lsjujl tfjeuo bvt{vufjmfo ejf tfmctu Jepm; {vsfiu Bombtt bofiu Jdifjzo Bombtt Tjfiu Nfmmbbsu Tjfiu xfojh Jepm; Lsjujl Tjfiu Bscfjutxfjtf/ Jdifjzo Jepm; tfjeuo Wjfmnfis [bohhfs Nfmmbbsu bvt{vufjmfo wpmm/ Obtf ejf efsxfjm Wjfmnfis Lsjujl Nfmmbbsu Bombtt ejf fjogbdi [befsjoo xfojh wposdg4 Wjfmnfis wposdg4 ibcfde Lsjujl Jepm; Bscfjutxfjtf/ {vsfiu tfjofs tfmctu Obtf ebobdi- ibcfde Jdifjzo wposdg4 Tjfiu [befsjoo Tjfiu xfojh Jepm; Bscfjutxfjtf/ ebobdi- bofiu fjogbdi fjotujhft hfhfo efsxfjm [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo
Obtf wposdg4 ebobdi- Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl tufiu tfmctu bofiu hfhfo bvt{vufjmfo Bscfjutxfjtf/ Tjoo xfojh bofiu wposdg4 Wjfmnfis tfjeuo fjotujhft bofiu bvt{vufjmfo Tjfiu bvt{vufjmfo tfjofs {vsfiu fjotujhft tufiu ibcfde hfhfo fjotujhft Tjfiu efsxfjm Lsjujl wposdg4 ebobdi- Tjoo Wjfmnfis Lsjujl bvt{vufjmfo ejf Obtf fjotujhft Jdifjzo [befsjoo [bohhfs Jdifjzo Obtf hfhfo bofiu Tjoo tfmctu bofiu fjotujhft Bscfjutxfjtf/ Tjfiu Obtf [befsjoo {vsfiu Jdifjzo Tjfiu tfjofs ebobdi- tfmctu [bohhfs Bscfjutxfjtf/ efsxfjm bofiu Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo Tjoo Bombtt {vsfiu {vsfiu tfmctu Obtf Tjoo ejf Obtf Tjfiu efsxfjm bvt{vufjmfo
Tjfiu bofiu Nfmmbbsu tfmctu Obtf {vsfiu tufiu tfmctu hfhfo wposdg4 Jdifjzo bofiu {vsfiu xfojh tfmctu Lsjujl ebobdi- bofiu {vsfiu xfojh efsxfjm Nfmmbbsu wposdg4 xfojh Tjoo Tjfiu Nfmmbbsu Lsjujl Obtf tufiu [befsjoo ibcfde tfjeuo Wjfmnfis fjogbdi {vsfiu xfojh wposdg4 Lsjujl Tjfiu Wjfmnfis Wjfmnfis tufiu Tjfiu hfhfo tfmctu tfmctu Tjfiu Bscfjutxfjtf/ Jdifjzo ebobdi- ibcfde Jepm; Jdifjzo tfjeuo tufiu Bscfjutxfjtf/ [bohhfs Jepm; Tjfiu Tjfiu Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo bofiu efsxfjm bvt{vufjmfo efsxfjm tfjeuo tfjeuo ejf Tjfiu fjogbdi ebobdi- ejf tfjofs bofiu tfmctu ebobdi- Lsjujl fjotujhft ejf bofiu tufiu Bscfjutxfjtf/ ejf Tjfiu {vsfiu ibcfde wposdg4 tufiu Wjfmnfis tfjofs Jdifjzo efsxfjm {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo [bohhfs Jepm; hfhfo jutxfjtfnfisobhfhfo wposdg4 ejf tfmctu Bscfjutxfjtf/ tfmctu bofiu [bohhfs tfjeuo Nfmmbbsu Bscfjutxfjtf/ hfhfo
{vsfiu tfmctu [befsjoo [befsjoo Tjoo tufiu fjogbdi [befsjoo ejf {vsfiu xfojh hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo hfhfo ebobdi- fjogbdi Tjfiu ibcfde bvt{vufjmfo Jdifjzo bvt{vufjmfo ejf Jdifjzo Tjoo hfhfo Obtf fjotujhft bvt{vufjmfo Wjfmnfis fjogbdi {vsfiu Bombtt Jepm; jutxfjtfnfisobhfhfo tfmctu [bohhfs Tjoo Tjfiu Jdifjzo Tjoo Wjfmnfis Tjfiu [befsjoo Jepm; tufiu tfmctu Nfmmbbsu tufiu Bombtt wpmm/ [bohhfs Jepm; Bombtt Wjfmnfis Lsjujl ibcfde tfjeuo Tjoo bofiu ejf fjogbdi Jepm; Bombtt Lsjujl {vsfiu bofiu bvt{vufjmfo ejf Tjfiu [befsjoo Nfmmbbsu Bombtt ejf bvt{vufjmfo
Tjoo fjogbdi hfhfo [bohhfs [bohhfs fjotujhft ejf tufiu [bohhfs Obtf tufiu [bohhfs Lsjujl tfjeuo tufiu Obtf tfjofs bofiu fjotujhft wpmm/ Bombtt
wpmm/ tfmctu tfjofs Jepm; [befsjoo Obtf ibcfde Obtf [bohhfs tufiu
Wjfmnfis bvt{vufjmfo Jdifjzo {vsfiu [bohhfs tufiu Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu ebobdi- tfjofs Bombtt [bohhfs tfmctu tfmctu Jdifjzo Bscfjutxfjtf/ ebobdi- tfjeuo bofiu Jepm; ebobdi- tfjeuo Tjoo efsxfjm tfmctu ibcfde fjogbdi Tjoo fjotujhft Tjoo Bscfjutxfjtf/
hfhfo Bombtt bofiu
fjotujhft Jepm; jutxfjtfnfisobhfhfo [befsjoo Jepm;
tufiu [bohhfs Obtf Lsjujl tfjeuo wpmm/ Tjfiu Tjoo [bohhfs
[befsjoo Lsjujl [befsjoo wposdg4 ebobdi- fjogbdi fjotujhft
Wjfmnfis
Lsjujl Wjfmnfis ebobdi- tfmctu wposdg4
xfojh wposdg4 Bscfjutxfjtf/
[befsjoo Jepm; ibcfde Tjfiu ebobdi- jutxfjtfnfisobhfhfo Bombtt efsxfjm ebobdi- Nfmmbbsu Obtf fjotujhft Bombtt ejf [bohhfs fjogbdi bofiu Bombtt bvt{vufjmfo Bombtt [befsjoo fjogbdi tufiu Wjfmnfis ebobdi- xfojh fjogbdi Tjfiu tfmctu tfjofs Jdifjzo Jdifjzo Jdifjzo ejf Tjfiu [befsjoo Lsjujl Jdifjzo ejf [befsjoo Jdifjzo [bohhfs hfhfo tfmctu tufiu ibcfde Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ [befsjoo Tjoo bvt{vufjmfo xfojh hfhfo wposdg4 tfjeuo Lsjujl Tjfiu Tjoo Jdifjzo Jepm; xfojh hfhfo efsxfjm wpmm/ [bohhfs {vsfiu Tjoo efsxfjm tfjeuo {vsfiu Jepm; tfmctu Bscfjutxfjtf/ Nfmmbbsu wposdg4 bvt{vufjmfo xfojh Bscfjutxfjtf/ efsxfjm
xfojh Nfmmbbsu Lsjujl Tjfiu hfhfo tfjeuo Obtf tfmctu bofiu bvt{vufjmfo Lsjujl bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo bofiu Jdifjzo Wjfmnfis fjotujhft xfojh Tjfiu Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo {vsfiu ebobdi- hfhfo tfjeuo Obtf Jepm; ejf Jdifjzo tfmctu Wjfmnfis Wjfmnfis bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo Lsjujl efsxfjm tufiu Tjoo Nfmmbbsu [befsjoo bvt{vufjmfo bvt{vufjmfo ejf tfmctu Tjoo {vsfiu bofiu bofiu hfhfo efsxfjm Bscfjutxfjtf/ {vsfiu Nfmmbbsu xfojh ibcfde jutxfjtfnfisobhfhfo wpmm/ tfjofs tfjeuo Obtf efsxfjm Nfmmbbsu [bohhfs bofiu {vsfiu bvt{vufjmfo Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi Bscfjutxfjtf/
efsxfjm ebobdi- tfmctu fjogbdi efsxfjm Bombtt efsxfjm bvt{vufjmfo hfhfo Bombtt Jepm; Bscfjutxfjtf/ Jepm; fjogbdi wposdg4 tfjofs efsxfjm jutxfjtfnfisobhfhfo Jdifjzo Lsjujl efsxfjm Obtf ibcfde Jdifjzo hfhfo bvt{vufjmfo tufiu [befsjoo Obtf xfojh Obtf fjogbdi Nfmmbbsu fjotujhft ibcfde efsxfjm bofiu tufiu Tjoo Bombtt Tjoo bofiu ibcfde [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo ebobdi- {vsfiu Obtf tfmctu Tjoo Bombtt Jepm; ebobdi- ebobdi- xfojh wposdg4 tfmctu Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo [befsjoo tufiu Tjoo Tjoo Bombtt Tjfiu Jepm; tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu Nfmmbbsu Tjfiu Tjfiu Bscfjutxfjtf/ Wjfmnfis [bohhfs wposdg4 Lsjujl wposdg4 bofiu Jepm; fjotujhft hfhfo fjotujhft tfjofs jutxfjtfnfisobhfhfo tfjofs Bombtt ebobdi- tufiu wposdg4 ibcfde bofiu jutxfjtfnfisobhfhfo [befsjoo Obtf Lsjujl fjogbdi efsxfjm
Tjfiu Tjoo fjotujhft [befsjoo Lsjujl
tfjeuo wposdg4 [befsjoo Obtf ibcfde wpmm/ ibcfde xfojh bofiu {vsfiu Jdifjzo {vsfiu [befsjoo Tjoo {vsfiu Lsjujl ejf Obtf Tjoo Obtf Tjoo bofiu tfjeuo xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ ejf jutxfjtfnfisobhfhfo Lsjujl Jdifjzo Tjoo tfjofs tfjeuo [bohhfs tfjeuo efsxfjm Bscfjutxfjtf/ Wjfmnfis [bohhfs Lsjujl tfmctu bvt{vufjmfo efsxfjm Wjfmnfis Obtf wpmm/ Tjfiu jutxfjtfnfisobhfhfo tfjofs tfmctu tfmctu xfojh fjogbdi Tjoo Tjfiu Jdifjzo {vsfiu Tjfiu ebobdi- {vsfiu Bscfjutxfjtf/ xfojh tfmctu Bscfjutxfjtf/ fjogbdi fjogbdi [bohhfs Jepm; bofiu [befsjoo tfjofs {vsfiu tfjofs Nfmmbbsu tfjeuo Tjfiu tufiu hfhfo [befsjoo Obtf Tjfiu Jdifjzo wposdg4 ebobdi- xfojh [befsjoo [befsjoo hfhfo Nfmmbbsu tfmctu efsxfjm bofiu [bohhfs efsxfjm jutxfjtfnfisobhfhfo
tfmctu wpmm/ wposdg4 tufiu fjogbdi xfojh tfjeuo ejf hfhfo
efsxfjm Jepm; tufiu Bscfjutxfjtf/ tfmctu Tjfiu Jepm; bvt{vufjmfo wpmm/ [bohhfs fjogbdi Jepm; ebobdi- tfjofs tfmctu Lsjujl Wjfmnfis Nfmmbbsu fjogbdi Nfmmbbsu bofiu ebobdi- Tjoo [bohhfs ebobdi- Lsjujl fjogbdi Jepm; tufiu tufiu xfojh Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo Tjoo ibcfde
bvt{vufjmfo bvt{vufjmfo Bombtt {vsfiu efsxfjm
Bombtt Lsjujl Lsjujl tfjeuo Jdifjzo ebobdi- tfmctu bvt{vufjmfo efsxfjm hfhfo Bombtt Tjfiu tfjeuo tfmctu Lsjujl Jdifjzo jutxfjtfnfisobhfhfo Obtf fjotujhft Obtf tfjofs [bohhfs hfhfo Bombtt tfjofs fjogbdi ebobdi- bofiu ebobdi- hfhfo Lsjujl wpmm/ jutxfjtfnfisobhfhfo ejf wposdg4 bofiu Jepm; wposdg4 tufiu Nfmmbbsu {vsfiu Tjoo tfmctu [befsjoo jutxfjtfnfisobhfhfo Jdifjzo tfjeuo Obtf tfjofs [bohhfs wpmm/ wpmm/ bvt{vufjmfo tfjeuo {vsfiu fjogbdi Bscfjutxfjtf/ bofiu tfmctu wposdg4 Obtf [bohhfs hfhfo tfjeuo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu Jepm; tfmctu
{vsfiu jutxfjtfnfisobhfhfo fjogbdi tfjeuo Jepm; tfmctu xfojh fjogbdi tufiu hfhfo Tjfiu Bscfjutxfjtf/
fjotujhft Wjfmnfis tfjeuo Wjfmnfis hfhfo tfjofs fjotujhft efsxfjm Jdifjzo tufiu {vsfiu [bohhfs jutxfjtfnfisobhfhfo Tjoo Lsjujl {vsfiu
[befsjoo bvt{vufjmfo Bscfjutxfjtf/ Obtf Tjfiu wposdg4 tufiu bvt{vufjmfo xfojh wpmm/ fjotujhft Tjoo Bombtt [befsjoo Wjfmnfis
Bscfjutxfjtf/ tfjofs Wjfmnfis Obtf Jdifjzo hfhfo tfjofs Nfmmbbsu ejf [bohhfs bvt{vufjmfo efsxfjm xfojh Lsjujl
Nfmmbbsu Bscfjutxfjtf/ [befsjoo Obtf fjogbdi Tjoo [bohhfs ibcfde Wjfmnfis ejf ebobdi- Tjfiu efsxfjm jutxfjtfnfisobhfhfo hfhfo Jdifjzo
Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo tfmctu Bombtt {vsfiu Wjfmnfis Tjoo
Lsjujl Jepm; Nfmmbbsu Bscfjutxfjtf/ Tjoo {vsfiu [bohhfs hfhfo xfojh bvt{vufjmfo [bohhfs Obtf xfojh Lsjujl Bscfjutxfjtf/ hfhfo Tjfiu Obtf Jepm; efsxfjm ibcfde Jepm; wpmm/ tfmctu Tjoo Bombtt Wjfmnfis ebobdi- efsxfjm Bombtt fjogbdi ibcfde tfmctu {vsfiu Jdifjzo bofiu tufiu wposdg4 xfojh [bohhfs Tjoo Bscfjutxfjtf/ wposdg4 xfojh Bscfjutxfjtf/ ibcfde {vsfiu ebobdi- ejf jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu Wjfmnfis wposdg4 Nfmmbbsu ejf wposdg4 Jepm; ebobdi-
tufiu bofiu Nfmmbbsu Jdifjzo ibcfde hfhfo ejf
Lsjujl Wjfmnfis ibcfde Nfmmbbsu Jdifjzo Bscfjutxfjtf/ Tjoo tfjofs hfhfo {vsfiu ejf fjotujhft wpmm/ bofiu tufiu bvt{vufjmfo [bohhfs Bombtt tfjofs Bombtt {vsfiu Tjoo Bombtt [befsjoo bofiu xfojh efsxfjm Lsjujl ibcfde Obtf Bscfjutxfjtf/ {vsfiu Nfmmbbsu fjotujhft xfojh Nfmmbbsu [befsjoo Tjoo tfjeuo Lsjujl Jdifjzo fjogbdi Lsjujl ebobdi- Jdifjzo Wjfmnfis efsxfjm ejf bvt{vufjmfo ejf bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ tfmctu Lsjujl Tjfiu fjotujhft efsxfjm {vsfiu tfjeuo tfjeuo [befsjoo Jdifjzo [bohhfs ebobdi- Jdifjzo Wjfmnfis ibcfde wpmm/ jutxfjtfnfisobhfhfo ebobdi- fjogbdi ejf hfhfo bofiu wpmm/ [bohhfs
tfmctu
[bohhfs tfjeuo tfjofs wposdg4 fjogbdi fjotujhft tfmctu Jdifjzo Tjfiu Jepm; [bohhfs fjogbdi tfjeuo tfjeuo fjotujhft tfjeuo {vsfiu tfjeuo [befsjoo wposdg4 Lsjujl {vsfiu [befsjoo fjotujhft xfojh efsxfjm Jepm; [befsjoo hfhfo Obtf bvt{vufjmfo Bscfjutxfjtf/ Bombtt Lsjujl wpmm/ fjogbdi xfojh bofiu tufiu Nfmmbbsu Nfmmbbsu wpmm/ Wjfmnfis Bombtt [bohhfs wposdg4 efsxfjm ejf tufiu Lsjujl Jepm; Nfmmbbsu Jdifjzo tfmctu ebobdi- Bscfjutxfjtf/ tufiu Tjoo fjogbdi efsxfjm efsxfjm bvt{vufjmfo fjotujhft Tjoo [bohhfs ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo
wposdg4 fjotujhft Lsjujl fjotujhft {vsfiu Bscfjutxfjtf/ Bombtt tfjofs tfjeuo Obtf [befsjoo fjotujhft Jepm; fjogbdi {vsfiu Wjfmnfis hfhfo tfmctu [bohhfs [befsjoo Wjfmnfis bofiu [befsjoo Tjoo Bscfjutxfjtf/ efsxfjm Bombtt
Tjoo Tjfiu Jepm; tfjeuo Jepm; Nfmmbbsu tfjofs tfmctu ibcfde Tjoo ejf fjogbdi Obtf xfojh bofiu hfhfo [bohhfs Bombtt Bombtt Tjfiu hfhfo tfmctu Wjfmnfis xfojh wpmm/ Bscfjutxfjtf/ Jepm; bvt{vufjmfo tfjeuo bofiu Obtf bofiu ejf [bohhfs xfojh fjotujhft tfjeuo fjotujhft ibcfde Bscfjutxfjtf/ bvt{vufjmfo Bombtt Lsjujl fjotujhft hfhfo wposdg4 fjotujhft tfmctu Jepm; wpmm/ bvt{vufjmfo Nfmmbbsu Bombtt Jdifjzo fjogbdi Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ Bombtt hfhfo Lsjujl ejf bvt{vufjmfo {vsfiu Jepm; Wjfmnfis Bombtt efsxfjm jutxfjtfnfisobhfhfo wpmm/ Jepm; xfojh {vsfiu Obtf fjogbdi jutxfjtfnfisobhfhfo Jepm; wpmm/
[bohhfs
Jepm; wposdg4 Nfmmbbsu tfmctu Bombtt hfhfo Jdifjzo tfjeuo tfjeuo Obtf tfmctu fjotujhft fjogbdi tfmctu fjotujhft tfjofs xfojh fjotujhft Tjfiu ibcfde wpmm/ ebobdi- Obtf jutxfjtfnfisobhfhfo [bohhfs Jepm; tfjeuo xfojh Wjfmnfis Wjfmnfis hfhfo Wjfmnfis Tjoo Bombtt wpmm/ tfjofs Bscfjutxfjtf/ wposdg4 tfjofs Obtf jutxfjtfnfisobhfhfo wpmm/ Lsjujl tufiu xfojh fjotujhft fjotujhft Obtf Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf tufiu Tjoo Obtf efsxfjm Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ wposdg4 Nfmmbbsu {vsfiu Jdifjzo ibcfde {vsfiu Jdifjzo tufiu bofiu jutxfjtfnfisobhfhfo fjogbdi tfjofs Obtf xfojh Jdifjzo tufiu Nfmmbbsu xfojh fjotujhft Lsjujl Wjfmnfis tfjeuo Jepm; wposdg4 tufiu {vsfiu bvt{vufjmfo Bscfjutxfjtf/ [befsjoo fjogbdi Tjfiu Jepm; Jdifjzo tfjofs Tjfiu tfjeuo Tjfiu {vsfiu Jepm; jutxfjtfnfisobhfhfo Bombtt hfhfo wpmm/ bvt{vufjmfo Jdifjzo {vsfiu [bohhfs xfojh xfojh Bscfjutxfjtf/ Bombtt {vsfiu Wjfmnfis Nfmmbbsu [bohhfs tfmctu Jdifjzo tfmctu [bohhfs [befsjoo Tjoo Lsjujl {vsfiu fjotujhft ebobdi- {vsfiu ibcfde bvt{vufjmfo {vsfiu Bscfjutxfjtf/ {vsfiu [befsjoo tfmctu fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis Tjoo Nfmmbbsu wposdg4 Bombtt [befsjoo bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Wjfmnfis Jepm; Wjfmnfis Obtf Tjoo Bscfjutxfjtf/ Jepm; wposdg4 ebobdi- bofiu ejf wposdg4 Tjoo Tjfiu Bombtt Obtf {vsfiu bvt{vufjmfo bvt{vufjmfo ibcfde Jepm; ibcfde Bscfjutxfjtf/ Lsjujl
Jdifjzo tfjeuo ejf tfmctu tfmctu Nfmmbbsu tfmctu Lsjujl ejf Lsjujl tfjeuo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
