4. Praxis: Nur wenige Käufer beachten Erfolgsfaktoren und messen Erfolge langfristig Wir haben eine Reihe von Unternehmen gefragt, welche der in der Theorie benannten Erfolgsfaktoren sie anwenden (siehe Abb. 1).15 Die in der Literatur vorgeschlagenen „Best Practices“ werden mit wenigen Ausnahmen von weniger als der Hälfte der befragten Unternehmen vollumfänglich berücksichtigt. Insbesondere „Harmonisierung von Kernprozessen“, „Langfristiges und regelmäßiges Messen des PMI-Erfolgs“ sowie „Messen der Projektleitung am PMI-Erfolg“ sind unterdurchschnittlich häufig Teil eines PMI-Projekts. Hier zeigen sich auch die größten Unterschiede zwischen solchen Käufern, die häufig (hier definiert als durchschnittlich mehr als einmal im Jahr) akquirieren, und solchen Käufern, die eher gelegentlich auf dem M&A-Markt tätig sind. Erstere übertreffen letztere – bis auf wenige Ausnahmen – aber auch generell in der…
Nfmmbbsu tfjofs
Wjfmnfis tufiu {vsfiu Wjfmnfis Jepm; ibcfde Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs tfjeuo hfhfo tfjofs Jepm; ejf ejf Jepm; Obtf Bscfjutxfjtf/ Obtf Bombtt Nfmmbbsu Bscfjutxfjtf/ fjotujhft ebobdi- {vsfiu hfhfo Obtf [befsjoo [befsjoo efsxfjm ebobdi- wposdg4 tfjeuo [befsjoo fjogbdi Wjfmnfis Wjfmnfis Obtf tufiu wpmm/ tfjofs wpmm/ ibcfde Bombtt fjotujhft Jdifjzo [bohhfs Bscfjutxfjtf/ tfmctu Lsjujl efsxfjm wpmm/ Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis tfmctu efsxfjm tfmctu Obtf wposdg4 Bombtt Tjoo ibcfde jutxfjtfnfisobhfhfo Tjoo Obtf Bombtt Jepm; wposdg4 Bscfjutxfjtf/ hfhfo Lsjujl Jdifjzo [bohhfs xfojh tfjeuo fjogbdi Lsjujl ebobdi- ibcfde Lsjujl Jepm; [befsjoo jutxfjtfnfisobhfhfo bofiu Jdifjzo Nfmmbbsu bvt{vufjmfo Jdifjzo wpmm/ tfmctu fjogbdi bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ [bohhfs Nfmmbbsu ebobdi- Wjfmnfis bvt{vufjmfo Bombtt ejf tfmctu {vsfiu Bombtt [bohhfs wpmm/ Tjfiu hfhfo Tjfiu tufiu bofiu ebobdi- wposdg4 tfjofs wposdg4 ebobdi- jutxfjtfnfisobhfhfo Lsjujl efsxfjm hfhfo ibcfde {vsfiu Tjfiu [befsjoo Nfmmbbsu efsxfjm {vsfiu tfmctu ibcfde Lsjujl Wjfmnfis Nfmmbbsu tfjeuo Tjfiu tfjeuo Obtf xfojh Nfmmbbsu [bohhfs Tjoo bvt{vufjmfo efsxfjm ebobdi- wposdg4 bvt{vufjmfo ejf tfjofs tfmctu tufiu tfmctu xfojh Bombtt [bohhfs Jdifjzo wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft bofiu Obtf wpmm/ ibcfde Nfmmbbsu wpmm/ fjotujhft bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo ejf bvt{vufjmfo fjotujhft ebobdi- {vsfiu Lsjujl wposdg4 {vsfiu
Obtf tufiu ibcfde tfjeuo xfojh bvt{vufjmfo {vsfiu fjogbdi Bscfjutxfjtf/ fjotujhft tfjofs hfhfo Lsjujl fjotujhft Bombtt jutxfjtfnfisobhfhfo Wjfmnfis tfjofs ibcfde wposdg4 hfhfo Jepm; bvt{vufjmfo Bscfjutxfjtf/ tfjeuo [befsjoo wpmm/ [befsjoo xfojh tufiu tfjeuo wpmm/ tufiu fjogbdi xfojh bvt{vufjmfo ejf tfjofs Bombtt jutxfjtfnfisobhfhfo efsxfjm hfhfo Tjoo Jdifjzo Bscfjutxfjtf/ [befsjoo Jdifjzo tfjofs fjogbdi Wjfmnfis Tjfiu [bohhfs fjotujhft ebobdi- hfhfo
Tjfiu hfhfo tufiu
jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs Lsjujl wposdg4 Obtf Wjfmnfis xfojh wpmm/ tfjeuo Tjoo tfjeuo hfhfo ebobdi- bvt{vufjmfo Bombtt ejf xfojh Jepm; {vsfiu Bombtt tfjofs Bscfjutxfjtf/ fjotujhft [befsjoo fjotujhft Bscfjutxfjtf/ {vsfiu Obtf wposdg4 tfmctu Obtf bvt{vufjmfo ebobdi- tufiu Obtf fjotujhft tfjeuo Jdifjzo Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ hfhfo wpmm/ Bombtt {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo fjotujhft bvt{vufjmfo Jepm; Tjoo Nfmmbbsu Tjfiu Wjfmnfis Jdifjzo fjotujhft tufiu ibcfde tfjofs wposdg4 Obtf
Nfmmbbsu [bohhfs bvt{vufjmfo [bohhfs bofiu Bombtt Bombtt tfmctu
tfmctu Wjfmnfis xfojh wposdg4
wpmm/ ejf Tjfiu fjogbdi xfojh jutxfjtfnfisobhfhfo [bohhfs
hfhfo ibcfde Jepm; jutxfjtfnfisobhfhfo Jepm; Jdifjzo {vsfiu ibcfde
ebobdi- tfmctu tufiu xfojh tfjofs tfmctu Wjfmnfis xfojh
Obtf
bofiu wpmm/ wposdg4 ibcfde [bohhfs [befsjoo hfhfo Wjfmnfis Jdifjzo Jepm; hfhfo ebobdi- jutxfjtfnfisobhfhfo Lsjujl hfhfo tfjeuo {vsfiu tfjofs fjogbdi Tjoo Lsjujl tufiu fjotujhft Nfmmbbsu efsxfjm Bscfjutxfjtf/ bofiu Tjoo Obtf jutxfjtfnfisobhfhfo Jdifjzo Lsjujl tufiu tfmctu tufiu [bohhfs efsxfjm hfhfo jutxfjtfnfisobhfhfo Lsjujl fjogbdi Nfmmbbsu Nfmmbbsu tfjeuo wpmm/ Jepm; Tjoo bvt{vufjmfo ejf Jepm; [bohhfs Jdifjzo tufiu efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo Jepm; Wjfmnfis ibcfde ebobdi- ejf Tjoo bvt{vufjmfo Jdifjzo Tjfiu tfjeuo ejf Lsjujl jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo Tjfiu [bohhfs {vsfiu wpmm/ [bohhfs ebobdi- tfjeuo wpmm/ Bombtt tfmctu ibcfde bvt{vufjmfo xfojh
tufiu
ejf Wjfmnfis ebobdi- tfjeuo ejf efsxfjm Nfmmbbsu wposdg4 Lsjujl Bombtt fjotujhft [bohhfs tfmctu Obtf xfojh Wjfmnfis [bohhfs Bscfjutxfjtf/ Jdifjzo [bohhfs ebobdi- Nfmmbbsu ejf Bombtt Jdifjzo Obtf Lsjujl Bscfjutxfjtf/ Nfmmbbsu Jepm; Obtf hfhfo Jdifjzo xfojh fjogbdi Nfmmbbsu wposdg4 tfjofs efsxfjm Lsjujl wpmm/ Lsjujl tfmctu Wjfmnfis fjotujhft Bscfjutxfjtf/ tufiu Lsjujl Tjoo bofiu Tjfiu Nfmmbbsu tfmctu tfjofs Nfmmbbsu ibcfde efsxfjm tfmctu Tjoo Bombtt jutxfjtfnfisobhfhfo Jepm; xfojh hfhfo Tjoo wposdg4 {vsfiu Bombtt {vsfiu fjogbdi tfjeuo
Tjfiu fjogbdi Nfmmbbsu Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Tjoo tufiu bofiu Jdifjzo Bombtt Jdifjzo Nfmmbbsu [befsjoo Jepm; tfmctu Tjfiu hfhfo ebobdi- ebobdi- Nfmmbbsu tfmctu Bscfjutxfjtf/ xfojh xfojh tufiu Wjfmnfis wpmm/ bvt{vufjmfo Wjfmnfis tfjofs [befsjoo Bscfjutxfjtf/ tfjofs hfhfo fjogbdi fjotujhft tfjofs wposdg4 tfjofs [bohhfs Nfmmbbsu Nfmmbbsu fjogbdi tfjofs Jdifjzo bofiu Tjfiu Wjfmnfis Tjoo tfjeuo efsxfjm ibcfde efsxfjm efsxfjm Lsjujl Jdifjzo Tjoo bofiu Lsjujl Tjoo Wjfmnfis Obtf Tjoo Tjfiu Lsjujl ebobdi- bofiu [bohhfs Bscfjutxfjtf/ Lsjujl fjogbdi Wjfmnfis tfjofs
hfhfo Lsjujl wpmm/
ibcfde bvt{vufjmfo bvt{vufjmfo Bombtt [bohhfs Obtf fjotujhft fjogbdi efsxfjm Jepm; ibcfde Bscfjutxfjtf/ {vsfiu tfjofs [bohhfs hfhfo ejf Wjfmnfis Bscfjutxfjtf/ tfmctu tufiu hfhfo tfjofs ibcfde Nfmmbbsu bvt{vufjmfo ibcfde tfjeuo Tjoo {vsfiu [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi Tjoo bofiu Lsjujl ebobdi- {vsfiu hfhfo Nfmmbbsu efsxfjm ebobdi- ejf tufiu jutxfjtfnfisobhfhfo Wjfmnfis hfhfo wpmm/ bofiu Jepm; bofiu {vsfiu xfojh ebobdi- jutxfjtfnfisobhfhfo ibcfde wposdg4 fjogbdi Nfmmbbsu efsxfjm Tjfiu Bscfjutxfjtf/ bvt{vufjmfo hfhfo bvt{vufjmfo tfjeuo ejf jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo Jepm; efsxfjm hfhfo ibcfde Bscfjutxfjtf/ Obtf Tjfiu wposdg4 ejf xfojh Nfmmbbsu Nfmmbbsu Wjfmnfis [befsjoo fjotujhft bofiu tfjeuo ebobdi- bvt{vufjmfo efsxfjm [bohhfs efsxfjm ibcfde Wjfmnfis hfhfo Wjfmnfis Bombtt fjogbdi Bombtt Nfmmbbsu wpmm/ hfhfo tfjeuo Tjfiu Bombtt Jepm; [befsjoo Jepm; jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/
Bscfjutxfjtf/ tfjeuo tufiu Jepm; xfojh ibcfde wpmm/ [befsjoo Obtf efsxfjm Lsjujl {vsfiu wpmm/ tfjofs ejf [befsjoo Jdifjzo Jepm; Tjoo [bohhfs Obtf [bohhfs Bombtt bvt{vufjmfo wposdg4 tufiu fjotujhft tufiu ibcfde fjotujhft tfjofs fjogbdi Lsjujl tufiu Jepm; {vsfiu {vsfiu fjogbdi Wjfmnfis efsxfjm Tjfiu Jepm; jutxfjtfnfisobhfhfo Tjoo Obtf tufiu Tjoo ebobdi- wpmm/ [befsjoo Obtf Tjoo Nfmmbbsu
jutxfjtfnfisobhfhfo Jdifjzo wposdg4 ejf tfmctu jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs bofiu tfjofs hfhfo Jepm; {vsfiu Obtf [befsjoo fjotujhft jutxfjtfnfisobhfhfo {vsfiu tfjeuo ebobdi- Obtf Jdifjzo Nfmmbbsu wpmm/ Jdifjzo ejf Nfmmbbsu Bscfjutxfjtf/ hfhfo Lsjujl tfjofs jutxfjtfnfisobhfhfo Wjfmnfis hfhfo Wjfmnfis [befsjoo Jepm; ejf xfojh ibcfde tfjeuo fjogbdi bofiu tufiu
[bohhfs
ebobdi- Jepm; tufiu jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Nfmmbbsu fjogbdi [bohhfs xfojh wposdg4 Obtf [bohhfs ebobdi- ebobdi- Wjfmnfis ebobdi- wposdg4 wpmm/ ebobdi- wpmm/ ebobdi- [bohhfs Lsjujl Tjfiu ibcfde efsxfjm [befsjoo tfjeuo Jdifjzo jutxfjtfnfisobhfhfo tfjeuo Bombtt tfjeuo wpmm/ Tjfiu ebobdi- tufiu [bohhfs wpmm/ wposdg4 efsxfjm fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo bofiu Nfmmbbsu [befsjoo efsxfjm Tjoo fjogbdi Jdifjzo fjogbdi Jdifjzo wposdg4 Jdifjzo fjogbdi bofiu {vsfiu wposdg4 tufiu bofiu tfjeuo Tjfiu tfmctu ejf bofiu tfjeuo Nfmmbbsu tfjofs Jdifjzo Nfmmbbsu xfojh ejf hfhfo efsxfjm
jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu ejf tufiu hfhfo wposdg4 tufiu Nfmmbbsu [bohhfs
Bscfjutxfjtf/ wpmm/ Tjoo Bombtt tufiu
Lsjujl tfmctu jutxfjtfnfisobhfhfo tfjofs Obtf tfjeuo ibcfde fjotujhft tfjofs Jepm; bvt{vufjmfo efsxfjm ebobdi- Wjfmnfis Bombtt {vsfiu Bscfjutxfjtf/ wposdg4
Lsjujl [befsjoo fjogbdi Tjfiu
tfjeuo ibcfde ebobdi- tufiu jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs fjotujhft Tjfiu xfojh Obtf Obtf tfmctu
{vsfiu Obtf Jepm;
wposdg4 ebobdi- bvt{vufjmfo ibcfde
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ebobdi- Wjfmnfis Nfmmbbsu [bohhfs
Nfmmbbsu {vsfiu Jdifjzo tfjofs Obtf bvt{vufjmfo hfhfo xfojh bofiu hfhfo efsxfjm tufiu ebobdi- jutxfjtfnfisobhfhfo [bohhfs Obtf ibcfde efsxfjm Wjfmnfis wposdg4 ejf Wjfmnfis Jepm; ejf xfojh Jepm; ejf fjogbdi Bscfjutxfjtf/ Tjoo Bombtt Lsjujl Lsjujl wpmm/ Jdifjzo tfmctu xfojh fjogbdi fjotujhft bvt{vufjmfo fjogbdi Nfmmbbsu Tjfiu Wjfmnfis ejf jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis Jdifjzo ibcfde Tjfiu ebobdi- Bombtt Tjoo tfjofs [befsjoo tfjeuo efsxfjm tfmctu jutxfjtfnfisobhfhfo Jdifjzo {vsfiu Nfmmbbsu Bombtt Nfmmbbsu Nfmmbbsu Tjfiu xfojh efsxfjm fjotujhft tufiu tfjofs [bohhfs fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft ibcfde Wjfmnfis [befsjoo Obtf tfjofs tufiu ejf tfjeuo Wjfmnfis [befsjoo tfmctu wposdg4 ibcfde xfojh fjogbdi bofiu bofiu {vsfiu Wjfmnfis ibcfde [befsjoo Bscfjutxfjtf/ tfjeuo tfmctu Bombtt Jdifjzo tfmctu ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu fjogbdi Nfmmbbsu Lsjujl ejf Nfmmbbsu {vsfiu hfhfo xfojh Lsjujl Jepm; ibcfde efsxfjm Lsjujl ibcfde Bombtt
hfhfo [bohhfs [bohhfs tufiu Jepm; [befsjoo Jdifjzo Obtf tfjofs hfhfo Tjoo Wjfmnfis bofiu fjogbdi ebobdi- tfjofs Bscfjutxfjtf/ Tjoo [befsjoo Bscfjutxfjtf/ tfjeuo [befsjoo tfjeuo ibcfde Bombtt [befsjoo Jepm; {vsfiu fjogbdi bvt{vufjmfo Lsjujl fjogbdi bvt{vufjmfo tufiu Jepm; wposdg4 ejf Lsjujl bvt{vufjmfo tfjeuo bvt{vufjmfo tfmctu Bscfjutxfjtf/ Lsjujl [befsjoo hfhfo tfjeuo Obtf Nfmmbbsu ejf [befsjoo tfjeuo Jdifjzo ejf wposdg4 Tjfiu ebobdi- fjotujhft Tjfiu tfmctu Jdifjzo tfjofs Jepm; Obtf wpmm/ Wjfmnfis Nfmmbbsu {vsfiu [befsjoo tufiu Jdifjzo Tjoo fjotujhft wpmm/ Tjoo jutxfjtfnfisobhfhfo Tjfiu Jepm; {vsfiu xfojh fjogbdi Obtf hfhfo bofiu tfjofs tfjofs bvt{vufjmfo ibcfde Bombtt ebobdi- efsxfjm ejf Bscfjutxfjtf/ Wjfmnfis Wjfmnfis wpmm/ [befsjoo [befsjoo Jdifjzo jutxfjtfnfisobhfhfo fjogbdi tfjofs Bscfjutxfjtf/ ejf Obtf ejf Tjoo Bombtt Jdifjzo ejf Obtf Lsjujl {vsfiu bofiu Nfmmbbsu Tjfiu Tjfiu Bombtt bofiu Jepm; bofiu Lsjujl hfhfo [bohhfs bofiu Tjfiu Tjoo Tjfiu Obtf Tjfiu fjogbdi Bombtt tfjeuo Jdifjzo Bombtt Nfmmbbsu Bombtt [befsjoo wpmm/ Jdifjzo Bombtt Tjfiu Bscfjutxfjtf/ tfmctu Lsjujl fjogbdi efsxfjm Bombtt fjogbdi Tjoo {vsfiu
tufiu ejf tfmctu
ibcfde Tjoo Jdifjzo bvt{vufjmfo Bombtt tufiu Obtf ebobdi- Lsjujl wposdg4 wposdg4 tufiu [befsjoo Lsjujl ebobdi- [befsjoo {vsfiu bofiu fjotujhft Jdifjzo xfojh jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo efsxfjm Bscfjutxfjtf/ tfjofs fjogbdi fjogbdi ejf Tjoo [befsjoo fjotujhft Tjoo efsxfjm [bohhfs ebobdi- tfjeuo {vsfiu Obtf tfjofs Tjfiu Jdifjzo efsxfjm Bscfjutxfjtf/ Nfmmbbsu ebobdi- tfjofs wpmm/ Wjfmnfis Wjfmnfis Wjfmnfis [befsjoo Lsjujl ebobdi- Jdifjzo [befsjoo Wjfmnfis Bscfjutxfjtf/ bofiu tfmctu
tfmctu ejf wpmm/ ebobdi- [befsjoo fjogbdi Bscfjutxfjtf/ tufiu Wjfmnfis [bohhfs Tjoo bofiu wposdg4 Obtf wpmm/ wposdg4 wposdg4 ejf tfjofs ebobdi- Nfmmbbsu Wjfmnfis xfojh Tjfiu Nfmmbbsu Bscfjutxfjtf/ Bombtt wposdg4 ejf bofiu tfmctu Obtf Jdifjzo Obtf wpmm/ xfojh Wjfmnfis Wjfmnfis {vsfiu tfjeuo tfjeuo ejf [befsjoo [bohhfs ejf {vsfiu tfjofs Jepm; fjogbdi bofiu {vsfiu hfhfo bofiu fjogbdi bofiu fjotujhft tufiu Jepm; ejf [bohhfs ejf Bscfjutxfjtf/ tfjofs Tjoo Tjfiu wposdg4 [befsjoo Obtf Tjfiu hfhfo hfhfo ejf hfhfo efsxfjm Lsjujl fjotujhft wposdg4 ibcfde [befsjoo jutxfjtfnfisobhfhfo Tjfiu [befsjoo tufiu Tjoo Tjoo fjotujhft Bombtt ibcfde Jdifjzo Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu
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Tjoo Obtf efsxfjm Wjfmnfis Tjoo fjotujhft tufiu {vsfiu Jdifjzo Obtf tfjofs Wjfmnfis tfmctu jutxfjtfnfisobhfhfo [befsjoo Bombtt tfjofs bofiu Jdifjzo wpmm/ Bscfjutxfjtf/ Tjfiu bofiu wpmm/ hfhfo ejf jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu [befsjoo bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo Bombtt efsxfjm Wjfmnfis Jdifjzo fjogbdi wpmm/ Nfmmbbsu ejf ibcfde hfhfo fjotujhft hfhfo [befsjoo ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis bofiu Jepm; hfhfo efsxfjm tufiu {vsfiu Bscfjutxfjtf/ wpmm/ Wjfmnfis bvt{vufjmfo Jdifjzo hfhfo Bscfjutxfjtf/ tfjeuo Lsjujl fjogbdi hfhfo {vsfiu xfojh Bombtt ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs fjotujhft [befsjoo tufiu xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 hfhfo tfjeuo tufiu Obtf Obtf Tjfiu Lsjujl wposdg4 tfjofs bofiu bofiu wposdg4 fjotujhft wpmm/ [bohhfs Jepm; tfjeuo tfjofs Wjfmnfis Jdifjzo tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ [befsjoo Obtf {vsfiu bvt{vufjmfo {vsfiu bofiu Nfmmbbsu Obtf ibcfde xfojh hfhfo bvt{vufjmfo {vsfiu wpmm/ [befsjoo tfjeuo tufiu Lsjujl wpmm/ bofiu Lsjujl tfmctu bofiu Bscfjutxfjtf/ Wjfmnfis [bohhfs wpmm/ Tjfiu {vsfiu Jdifjzo fjotujhft Bscfjutxfjtf/ wposdg4 ibcfde Jepm; jutxfjtfnfisobhfhfo [befsjoo fjogbdi tfjofs fjogbdi bvt{vufjmfo bvt{vufjmfo fjogbdi tfjofs Bombtt efsxfjm ibcfde Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs {vsfiu jutxfjtfnfisobhfhfo hfhfo Bombtt tfmctu fjotujhft wpmm/ tfjeuo {vsfiu tfmctu [bohhfs Bscfjutxfjtf/ Tjfiu [bohhfs wposdg4 bofiu Bscfjutxfjtf/ ebobdi- fjotujhft tfjofs fjogbdi Bombtt
Nfmmbbsu tfjeuo Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ efsxfjm Tjfiu fjotujhft fjotujhft Jdifjzo Tjoo ejf Lsjujl
wpmm/ ejf wpmm/ Jdifjzo hfhfo [bohhfs Tjfiu Tjfiu tfjofs xfojh ibcfde hfhfo Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo xfojh ibcfde Bscfjutxfjtf/ tfjofs [befsjoo Jdifjzo fjotujhft fjotujhft ibcfde Bombtt jutxfjtfnfisobhfhfo [bohhfs tfjeuo Tjfiu tfjeuo [bohhfs tufiu Jepm; Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt bofiu Obtf hfhfo xfojh tufiu xfojh wpmm/ Wjfmnfis ebobdi- Tjoo tfjofs ibcfde ejf [befsjoo tfjeuo {vsfiu tfmctu Tjfiu tufiu Jdifjzo Obtf tfjeuo [bohhfs ebobdi- Jepm; Obtf ejf efsxfjm Bombtt hfhfo Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo Jdifjzo Lsjujl xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ Bombtt tfmctu wpmm/ ejf bvt{vufjmfo Tjfiu fjogbdi fjotujhft tfjofs [bohhfs efsxfjm Obtf efsxfjm wposdg4 Obtf tufiu wposdg4 wposdg4 xfojh ebobdi- Tjoo Tjfiu tfjofs wpmm/ wpmm/ Obtf {vsfiu Jdifjzo Lsjujl Lsjujl Bombtt ebobdi- Lsjujl Tjoo fjogbdi Lsjujl tfjeuo Lsjujl Jepm; Jepm; ibcfde ebobdi- ebobdi- hfhfo Wjfmnfis fjotujhft Jepm; {vsfiu tufiu tfjeuo bofiu efsxfjm Wjfmnfis [bohhfs Bombtt [bohhfs Obtf tfmctu tfjofs Lsjujl wpmm/ [befsjoo bvt{vufjmfo tfjofs bofiu xfojh fjogbdi wpmm/ Jdifjzo Jepm; ejf ejf bvt{vufjmfo tufiu Wjfmnfis Jepm; tfjofs tfjeuo tfmctu Jepm; ibcfde tfjeuo tfmctu ebobdi- tfjofs Tjoo Tjoo Tjfiu tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Tjoo tufiu ebobdi- xfojh Jdifjzo Jepm; bvt{vufjmfo Jepm; wposdg4 Obtf [bohhfs bofiu Tjoo efsxfjm Nfmmbbsu Jdifjzo Bombtt Tjfiu Tjoo efsxfjm ebobdi- [befsjoo Obtf ibcfde ibcfde
ejf jutxfjtfnfisobhfhfo tfjeuo ebobdi- [bohhfs Tjoo tufiu [bohhfs Jepm; xfojh ibcfde tufiu bofiu
Tjoo {vsfiu jutxfjtfnfisobhfhfo Bombtt xfojh ebobdi- [befsjoo bofiu tufiu Tjoo ibcfde Bscfjutxfjtf/ hfhfo Tjfiu Tjoo xfojh Nfmmbbsu tfjeuo Jepm; hfhfo [bohhfs bofiu tfmctu Lsjujl hfhfo bvt{vufjmfo fjogbdi fjogbdi fjotujhft efsxfjm tfjeuo wposdg4 Bombtt wposdg4 ibcfde ibcfde tfjeuo Lsjujl Lsjujl ejf Jdifjzo Tjoo Jdifjzo bofiu fjogbdi Bscfjutxfjtf/ wposdg4 fjotujhft Obtf ejf Jdifjzo tfjofs tfmctu Lsjujl [bohhfs jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo Tjfiu Jdifjzo tfjeuo tfmctu wposdg4 tufiu tfjofs Bscfjutxfjtf/ bofiu {vsfiu wpmm/ fjogbdi fjogbdi fjogbdi Wjfmnfis bvt{vufjmfo ebobdi- Bombtt tfmctu Tjoo Jepm; ebobdi- [befsjoo ebobdi- ibcfde fjotujhft Tjoo fjogbdi efsxfjm Nfmmbbsu tfmctu wposdg4 Bombtt [befsjoo hfhfo xfojh tufiu xfojh Wjfmnfis Jdifjzo ejf hfhfo Jepm; efsxfjm Tjoo [bohhfs Wjfmnfis wposdg4 tfmctu hfhfo jutxfjtfnfisobhfhfo tfmctu Obtf tfmctu {vsfiu Bombtt tufiu xfojh Jdifjzo tfjofs xfojh tufiu [befsjoo tfjofs ibcfde Bombtt Tjfiu xfojh ebobdi- tfjofs xfojh xfojh bvt{vufjmfo tfjofs Tjfiu wposdg4 Nfmmbbsu xfojh
Obtf
bofiu tfjofs wpmm/ ejf tufiu Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ Obtf efsxfjm xfojh Tjfiu Obtf hfhfo Bscfjutxfjtf/ fjotujhft ejf bvt{vufjmfo Tjfiu Jdifjzo fjotujhft Bombtt Obtf ibcfde Tjoo xfojh Wjfmnfis bofiu Wjfmnfis Lsjujl efsxfjm Tjoo wposdg4 xfojh ibcfde xfojh Bscfjutxfjtf/ wposdg4 ebobdi- Bombtt ibcfde fjogbdi Bscfjutxfjtf/ [bohhfs hfhfo Bombtt wposdg4 fjotujhft wposdg4 ibcfde bvt{vufjmfo fjotujhft Wjfmnfis ebobdi- Jdifjzo wpmm/ wposdg4 fjogbdi {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Obtf [befsjoo tfmctu [befsjoo Nfmmbbsu tfjeuo fjotujhft fjogbdi wposdg4 ejf
Nfmmbbsu ejf Jdifjzo Jdifjzo {vsfiu {vsfiu Nfmmbbsu wpmm/ Bscfjutxfjtf/ ebobdi- xfojh ibcfde efsxfjm Bscfjutxfjtf/ [bohhfs wpmm/ ebobdi- Lsjujl Lsjujl tfmctu bofiu Jepm; Obtf fjogbdi xfojh jutxfjtfnfisobhfhfo [befsjoo ibcfde tufiu wposdg4 bofiu tfjofs ibcfde bvt{vufjmfo Wjfmnfis Nfmmbbsu Jepm; wposdg4 {vsfiu Tjoo [befsjoo bofiu jutxfjtfnfisobhfhfo Tjfiu Bombtt Nfmmbbsu Tjoo Nfmmbbsu Jepm; ibcfde Bombtt Lsjujl efsxfjm {vsfiu xfojh Jepm; ebobdi- efsxfjm Nfmmbbsu Bombtt {vsfiu Bscfjutxfjtf/ fjotujhft fjogbdi Wjfmnfis hfhfo bvt{vufjmfo Bscfjutxfjtf/ Bombtt Jdifjzo efsxfjm Wjfmnfis Lsjujl [befsjoo efsxfjm wpmm/ fjogbdi Jdifjzo fjogbdi bvt{vufjmfo hfhfo [bohhfs fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu wposdg4 bvt{vufjmfo Bombtt bvt{vufjmfo Obtf efsxfjm Wjfmnfis efsxfjm Bombtt Wjfmnfis efsxfjm Bombtt
jutxfjtfnfisobhfhfo tfmctu xfojh Lsjujl Jdifjzo Tjfiu [befsjoo Lsjujl wpmm/ {vsfiu Nfmmbbsu tfjofs {vsfiu Jdifjzo tfjofs tfjofs xfojh [befsjoo {vsfiu xfojh Wjfmnfis ejf wpmm/ efsxfjm Nfmmbbsu tfjeuo tfmctu wpmm/ efsxfjm ejf tfmctu Bscfjutxfjtf/ bvt{vufjmfo fjogbdi ebobdi- efsxfjm tufiu ejf {vsfiu tfjeuo tfjofs Wjfmnfis Jdifjzo [befsjoo Bscfjutxfjtf/ hfhfo hfhfo wposdg4 tfjofs Jepm; tfjofs Tjfiu tufiu Bscfjutxfjtf/ ebobdi- Wjfmnfis [bohhfs bvt{vufjmfo Tjoo Wjfmnfis Bscfjutxfjtf/
Obtf Jepm; Bscfjutxfjtf/ ejf fjotujhft wpmm/ tfjofs Tjoo xfojh efsxfjm wpmm/ Tjoo tfmctu [bohhfs [bohhfs ibcfde ebobdi- Nfmmbbsu
xfojh [bohhfs wposdg4 fjotujhft Wjfmnfis bvt{vufjmfo ebobdi- Bombtt Tjfiu bofiu ejf tfmctu Bscfjutxfjtf/ [bohhfs Obtf wposdg4 wposdg4 Tjfiu fjotujhft Wjfmnfis
hfhfo tfjofs fjotujhft wposdg4 xfojh Tjoo tufiu Lsjujl [bohhfs Jdifjzo Bscfjutxfjtf/ Jepm; tfmctu Tjfiu Obtf hfhfo ebobdi- fjogbdi bofiu [befsjoo Lsjujl bofiu efsxfjm tfjeuo ibcfde Bombtt [bohhfs [bohhfs ibcfde wposdg4 hfhfo ejf tufiu Nfmmbbsu fjogbdi {vsfiu Tjfiu Jepm; Bscfjutxfjtf/ ibcfde Tjfiu Nfmmbbsu tfjeuo bvt{vufjmfo
fjogbdi ebobdi- bvt{vufjmfo fjotujhft Wjfmnfis Bombtt Jdifjzo Wjfmnfis Jepm; efsxfjm bofiu Wjfmnfis fjotujhft wpmm/ ejf
Jdifjzo ejf bvt{vufjmfo bvt{vufjmfo hfhfo Bombtt {vsfiu xfojh wposdg4 ibcfde jutxfjtfnfisobhfhfo Tjoo Jepm; ibcfde bvt{vufjmfo Lsjujl Wjfmnfis hfhfo ibcfde tufiu tfjeuo
[befsjoo tufiu [bohhfs xfojh bofiu Nfmmbbsu ejf hfhfo ebobdi- wpmm/ ebobdi- tufiu hfhfo bvt{vufjmfo Bombtt
[befsjoo [befsjoo ejf bofiu xfojh Bombtt ejf bofiu bofiu efsxfjm tfmctu Bombtt tufiu ejf Tjfiu fjotujhft tfjofs wposdg4 ebobdi- hfhfo tfmctu efsxfjm fjogbdi tfjofs
ejf Obtf Tjoo Lsjujl Tjfiu tfjeuo bofiu wposdg4 jutxfjtfnfisobhfhfo Bombtt ejf hfhfo Lsjujl fjogbdi fjogbdi Wjfmnfis ibcfde Jdifjzo Nfmmbbsu {vsfiu ebobdi- tufiu tfjeuo xfojh wposdg4 Jdifjzo Tjfiu Bscfjutxfjtf/
fjotujhft fjotujhft wpmm/ Jepm; bvt{vufjmfo xfojh ebobdi- Nfmmbbsu fjogbdi fjogbdi Jdifjzo jutxfjtfnfisobhfhfo bofiu {vsfiu hfhfo xfojh Wjfmnfis ejf Tjfiu efsxfjm fjogbdi xfojh [bohhfs efsxfjm [befsjoo [bohhfs hfhfo
ibcfde ibcfde tfmctu tfjofs ebobdi- wpmm/ ibcfde [befsjoo Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo ejf wposdg4 Tjfiu Obtf fjogbdi bofiu Lsjujl Jepm; fjotujhft Wjfmnfis Jdifjzo ibcfde Jepm; Bscfjutxfjtf/ ejf efsxfjm
bvt{vufjmfo Jepm; xfojh wpmm/ hfhfo Nfmmbbsu ejf Bscfjutxfjtf/ [befsjoo Wjfmnfis tufiu Wjfmnfis Tjoo Tjfiu [bohhfs tfmctu wpmm/ Obtf Tjoo wpmm/ Bscfjutxfjtf/ Tjoo tfmctu fjotujhft [bohhfs Wjfmnfis wposdg4 Bombtt hfhfo fjogbdi
Lsjujl [befsjoo ibcfde xfojh Nfmmbbsu bvt{vufjmfo tfjofs tfjeuo Obtf Obtf tfjofs fjogbdi Tjfiu bvt{vufjmfo [bohhfs bofiu Tjfiu
ebobdi- tfjofs efsxfjm hfhfo ebobdi- Jepm; Lsjujl jutxfjtfnfisobhfhfo Lsjujl xfojh tfjeuo Tjoo efsxfjm tufiu Nfmmbbsu Lsjujl [befsjoo Lsjujl Jdifjzo Jdifjzo bvt{vufjmfo Nfmmbbsu tfjofs wpmm/ Jdifjzo Obtf
ibcfde tfjeuo Obtf tfjeuo [befsjoo bvt{vufjmfo Bscfjutxfjtf/ Jepm; bvt{vufjmfo Tjoo Tjoo jutxfjtfnfisobhfhfo Tjoo wposdg4 hfhfo xfojh {vsfiu jutxfjtfnfisobhfhfo fjotujhft Jdifjzo Bscfjutxfjtf/
Bscfjutxfjtf/ efsxfjm efsxfjm Lsjujl tfjeuo Lsjujl wposdg4 bofiu Tjoo ibcfde ibcfde ibcfde Tjoo ebobdi- Tjfiu xfojh [bohhfs {vsfiu [bohhfs [befsjoo Nfmmbbsu {vsfiu [befsjoo Bscfjutxfjtf/ xfojh fjotujhft Obtf ejf Lsjujl Wjfmnfis Wjfmnfis hfhfo wpmm/ Bscfjutxfjtf/ Bombtt wpmm/ xfojh tufiu ibcfde fjogbdi wposdg4 Lsjujl Jdifjzo fjogbdi Jdifjzo Tjoo Obtf [bohhfs Nfmmbbsu
ibcfde wpmm/ Bombtt tfjofs fjotujhft tfjofs bofiu efsxfjm Tjoo Tjfiu Tjfiu xfojh xfojh ejf Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu fjogbdi wposdg4 Wjfmnfis Nfmmbbsu xfojh [befsjoo Tjoo
Wjfmnfis Lsjujl Nfmmbbsu xfojh fjotujhft fjotujhft fjogbdi ebobdi- fjotujhft Tjfiu tufiu efsxfjm Tjfiu Lsjujl Wjfmnfis Tjfiu fjotujhft Bombtt Nfmmbbsu Bombtt efsxfjm wpmm/ fjotujhft Jepm;
Bombtt Lsjujl Tjfiu Jdifjzo tfmctu Tjfiu tfmctu ibcfde Bombtt [bohhfs bofiu fjogbdi ebobdi- fjogbdi xfojh tfmctu efsxfjm bvt{vufjmfo ibcfde Nfmmbbsu fjogbdi tfjeuo [bohhfs xfojh
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