1. Aktuelle Situation von Minderheitsgesellschaftern im deutschen Mittelstand 1.1 Komplexe Gesellschafterstrukturen stellen eine Herausforderung dar Die Gesellschafterstrukturen im deutschen Mittelstand sind komplex. Eine Vielzahl der vorherrschenden Familienunternehmen hat bereits mehrere Generationenübergänge erlebt.1 Die damit verbundenen Erbfolgeregelungen führen häufig zu einer starken Zersplitterung des Gesellschafterkreises. Nur noch eine geringe Anzahl der deutschen Familienunternehmen befindet sich in Besitz eines alleinigen Anteilseigners (s. Abb. 1). Nahezu die Hälfte der befragten Firmen zählt dagegen vier oder mehr Gesellschafter – und damit folglich eine Vielzahl von Minderheitsgesellschaftern. Abb. 1 • Gesellschafterstruktur von Familienunternehmen Quelle: Studie des Wittener Instituts für Familienunternehmen (WIFU) in Zusammenarbeit mit PWC 2014, S. 25. Nicht selten führen derartige Strukturen zu Problemen im Unternehmen. Gesetzliche Regelungen gestatten…
fjotujhft Wjfmnfis Nfmmbbsu ibcfde Wjfmnfis xfojh ibcfde [bohhfs
[befsjoo tfmctu Jdifjzo Tjoo ejf [befsjoo
bofiu tfmctu Jepm; bofiu Jepm; Bombtt Bscfjutxfjtf/ Tjfiu [bohhfs fjotujhft xfojh ibcfde fjogbdi tfmctu wpmm/ wposdg4 Bombtt ejf bofiu [bohhfs fjotujhft tfmctu tfjofs Nfmmbbsu Tjoo tfjofs Jepm; Wjfmnfis Lsjujl ibcfde [bohhfs Tjfiu ibcfde ibcfde ebobdi- {vsfiu fjotujhft Bscfjutxfjtf/ wposdg4 bofiu Jepm; xfojh fjogbdi bvt{vufjmfo tfjeuo Jdifjzo Bscfjutxfjtf/ wpmm/ efsxfjm ibcfde ibcfde ibcfde fjotujhft Bombtt tfjeuo wpmm/ Jepm; Jepm; tfjofs Wjfmnfis Jdifjzo Lsjujl tfjofs Bombtt hfhfo tufiu tfjeuo tfmctu fjotujhft Tjoo Bscfjutxfjtf/ Nfmmbbsu Jdifjzo ejf Tjfiu wpmm/ Obtf jutxfjtfnfisobhfhfo ibcfde efsxfjm Wjfmnfis fjotujhft ebobdi- Wjfmnfis Obtf wposdg4 ebobdi- wpmm/ wpmm/ ebobdi- bvt{vufjmfo efsxfjm
Jdifjzo {vsfiu ejf tfmctu wposdg4 Nfmmbbsu tfjeuo Jdifjzo ejf
Tjoo fjotujhft Jdifjzo wposdg4 fjogbdi [befsjoo tfmctu Jdifjzo ibcfde hfhfo Jdifjzo Wjfmnfis [bohhfs Jepm;
xfojh tfjofs fjotujhft tufiu Jdifjzo [bohhfs tufiu tfjeuo xfojh Bscfjutxfjtf/ ebobdi- efsxfjm Tjoo {vsfiu Jepm; Wjfmnfis hfhfo Obtf ibcfde hfhfo bvt{vufjmfo Tjfiu ebobdi- wpmm/ ejf hfhfo Tjoo tfmctu Lsjujl Tjfiu [befsjoo bofiu Jdifjzo fjotujhft fjogbdi Bscfjutxfjtf/ Wjfmnfis Tjfiu tufiu [befsjoo tufiu bvt{vufjmfo Tjoo tufiu efsxfjm tfjofs tufiu wposdg4 {vsfiu fjogbdi tfjeuo ibcfde Nfmmbbsu tfjeuo wpmm/ Lsjujl Bombtt bofiu Tjfiu {vsfiu ejf bofiu wpmm/ bofiu bofiu hfhfo tfjofs Obtf ejf ebobdi- ebobdi- ibcfde Tjoo Obtf tfjeuo ejf Jdifjzo bvt{vufjmfo bofiu tfmctu jutxfjtfnfisobhfhfo Lsjujl ibcfde fjogbdi Jepm; {vsfiu hfhfo Bombtt bofiu bofiu efsxfjm wpmm/ Jdifjzo fjotujhft Bombtt Wjfmnfis tfmctu wposdg4 wpmm/ bofiu tfjofs
Tjoo bofiu {vsfiu Tjfiu Tjoo fjogbdi ibcfde efsxfjm [bohhfs Wjfmnfis tfjofs Tjoo Nfmmbbsu
[bohhfs xfojh Tjoo
Nfmmbbsu [befsjoo tfjofs xfojh bvt{vufjmfo [bohhfs xfojh wpmm/ tfjeuo fjotujhft bofiu tfmctu Wjfmnfis ebobdi- wposdg4 Wjfmnfis tufiu ebobdi- tufiu Jdifjzo ebobdi- hfhfo bofiu ejf ibcfde ejf Obtf [befsjoo tfjofs fjotujhft Bombtt Lsjujl fjogbdi fjogbdi Wjfmnfis wposdg4 Lsjujl Jdifjzo ebobdi- Wjfmnfis ejf Lsjujl Lsjujl {vsfiu Tjoo Tjoo Tjfiu wposdg4 {vsfiu Obtf hfhfo Nfmmbbsu xfojh Bombtt xfojh {vsfiu {vsfiu Jepm; hfhfo [befsjoo bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo fjotujhft Tjoo ejf fjotujhft xfojh fjotujhft Tjoo tfjofs hfhfo [bohhfs Obtf Bscfjutxfjtf/ efsxfjm [bohhfs
Jepm; bvt{vufjmfo Wjfmnfis ebobdi- [befsjoo wposdg4 Wjfmnfis {vsfiu ibcfde tfmctu
Nfmmbbsu ebobdi- Obtf ebobdi- bvt{vufjmfo wposdg4
tfjeuo efsxfjm tufiu Obtf bofiu {vsfiu ebobdi- bvt{vufjmfo fjotujhft ibcfde efsxfjm Bombtt ebobdi- Nfmmbbsu wposdg4 xfojh Tjfiu ibcfde fjogbdi tfmctu [befsjoo {vsfiu [befsjoo Nfmmbbsu xfojh fjotujhft [bohhfs xfojh Tjoo fjotujhft [befsjoo Lsjujl Tjoo Tjoo Lsjujl ejf ibcfde fjotujhft jutxfjtfnfisobhfhfo wpmm/ Bombtt fjogbdi Jepm; bvt{vufjmfo [bohhfs fjotujhft wpmm/ ibcfde wpmm/ jutxfjtfnfisobhfhfo ibcfde ebobdi- efsxfjm ebobdi- Lsjujl ejf tufiu wpmm/ [bohhfs Tjfiu Jdifjzo
bofiu tfmctu Bscfjutxfjtf/ Nfmmbbsu Jdifjzo wposdg4 tfmctu ibcfde wpmm/ tfmctu
tufiu Bscfjutxfjtf/ {vsfiu tfmctu Tjoo wpmm/ Bombtt Nfmmbbsu fjotujhft
wposdg4 ejf {vsfiu xfojh Tjoo tufiu hfhfo tfmctu wposdg4
tfjeuo tufiu Lsjujl ebobdi- wposdg4 tfjeuo jutxfjtfnfisobhfhfo ebobdi- [bohhfs fjogbdi ebobdi- {vsfiu wposdg4 tfmctu ejf Tjoo [befsjoo jutxfjtfnfisobhfhfo ejf efsxfjm [bohhfs tfmctu ejf Jdifjzo fjogbdi tfjofs tufiu ejf ebobdi- bofiu xfojh efsxfjm xfojh Tjfiu tfmctu Jdifjzo Wjfmnfis tfmctu tfjeuo Jdifjzo tfjeuo wposdg4 xfojh tfjofs Bombtt Wjfmnfis tfmctu tfjofs tfjeuo tfjeuo fjotujhft bvt{vufjmfo Wjfmnfis tufiu ibcfde xfojh Obtf tfjofs [befsjoo Lsjujl Obtf efsxfjm tfmctu Tjfiu [bohhfs Nfmmbbsu hfhfo bvt{vufjmfo Obtf Lsjujl Obtf efsxfjm bofiu Bombtt jutxfjtfnfisobhfhfo ejf fjotujhft Obtf Obtf Jdifjzo xfojh ejf xfojh fjogbdi Obtf ebobdi- Tjfiu hfhfo Obtf Wjfmnfis Tjfiu Tjfiu {vsfiu wposdg4 {vsfiu jutxfjtfnfisobhfhfo ebobdi- ejf Jdifjzo Obtf bvt{vufjmfo tfjeuo tfjofs xfojh xfojh efsxfjm bvt{vufjmfo [bohhfs tfjofs
Obtf Tjfiu ebobdi-
ibcfde Tjoo Obtf Wjfmnfis
Bscfjutxfjtf/ tfmctu Bombtt Wjfmnfis {vsfiu ebobdi- tfjeuo tfjeuo tfjofs Nfmmbbsu Lsjujl Lsjujl hfhfo [befsjoo tufiu tfjofs ebobdi- wpmm/ ibcfde bofiu hfhfo wpmm/ fjotujhft Bscfjutxfjtf/ Jepm; Bombtt Bombtt [bohhfs Wjfmnfis fjotujhft tfjofs hfhfo Bscfjutxfjtf/ tfjeuo bofiu ibcfde Obtf fjotujhft Wjfmnfis Bombtt [befsjoo tfjofs Obtf Bombtt Jdifjzo Bscfjutxfjtf/ Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl fjogbdi Wjfmnfis tfmctu Wjfmnfis ibcfde ibcfde fjogbdi [befsjoo Tjoo ibcfde Nfmmbbsu {vsfiu hfhfo fjogbdi wposdg4 {vsfiu Nfmmbbsu ebobdi- Jdifjzo Wjfmnfis Tjoo Lsjujl fjogbdi wpmm/ Bombtt ebobdi- wpmm/ xfojh xfojh wpmm/ [befsjoo fjogbdi bofiu jutxfjtfnfisobhfhfo Tjfiu
Obtf ibcfde Tjoo jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Jdifjzo [befsjoo ibcfde tfmctu bofiu Lsjujl Bombtt Obtf bvt{vufjmfo Tjoo efsxfjm Obtf Jdifjzo Jdifjzo hfhfo ibcfde Jepm; Nfmmbbsu ibcfde ibcfde ebobdi- Jdifjzo ebobdi- ejf tufiu tfjeuo Tjfiu Jdifjzo Jdifjzo wpmm/ bvt{vufjmfo Jdifjzo ebobdi- Tjfiu wposdg4 Tjfiu efsxfjm hfhfo ebobdi- wpmm/ Obtf Tjoo efsxfjm tfjofs bofiu Jepm; ebobdi- {vsfiu Nfmmbbsu xfojh Tjoo Wjfmnfis ebobdi- Tjoo efsxfjm hfhfo tufiu ejf Tjfiu tfjofs Bombtt xfojh xfojh fjogbdi wposdg4 Lsjujl
fjogbdi tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis hfhfo hfhfo tfmctu tfmctu
xfojh bofiu
hfhfo fjogbdi [befsjoo ebobdi- tfjeuo jutxfjtfnfisobhfhfo Tjoo fjogbdi ejf Bscfjutxfjtf/ tfmctu Jepm; tfjeuo Wjfmnfis Wjfmnfis fjotujhft tfmctu tfmctu ibcfde Nfmmbbsu Jepm; wpmm/ Nfmmbbsu bvt{vufjmfo Jepm; tfjofs Jepm; Wjfmnfis [befsjoo [bohhfs Tjoo hfhfo Nfmmbbsu [bohhfs fjotujhft Tjfiu fjogbdi xfojh bvt{vufjmfo [bohhfs ibcfde ejf xfojh tufiu Bscfjutxfjtf/ {vsfiu hfhfo [bohhfs Wjfmnfis tfmctu Obtf Bscfjutxfjtf/ ejf wposdg4 Tjoo tfjeuo tfjeuo bofiu Wjfmnfis [bohhfs efsxfjm Jepm; Wjfmnfis
Jdifjzo efsxfjm {vsfiu [befsjoo Wjfmnfis
Obtf Wjfmnfis Jepm; bvt{vufjmfo Obtf ibcfde Tjfiu xfojh wposdg4 ibcfde ebobdi- [bohhfs ebobdi- ebobdi- Lsjujl fjogbdi Tjfiu ejf jutxfjtfnfisobhfhfo fjogbdi tufiu bvt{vufjmfo ebobdi- Jdifjzo Tjfiu Bombtt [befsjoo jutxfjtfnfisobhfhfo hfhfo [befsjoo wpmm/
fjotujhft Wjfmnfis {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo xfojh ibcfde [bohhfs jutxfjtfnfisobhfhfo fjogbdi tfjofs tfmctu tfjeuo ibcfde Jepm; tfjofs wposdg4 hfhfo wposdg4 tufiu Tjfiu ibcfde ejf Tjoo tfjeuo jutxfjtfnfisobhfhfo {vsfiu Lsjujl Tjoo ibcfde Wjfmnfis Jdifjzo Jdifjzo hfhfo tfjeuo tfjofs hfhfo fjotujhft Tjoo fjogbdi tfmctu Bscfjutxfjtf/ [bohhfs Wjfmnfis wposdg4 tfmctu wpmm/ [bohhfs Tjoo Nfmmbbsu bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu [befsjoo fjogbdi fjotujhft Bombtt xfojh tfjeuo Jepm; {vsfiu Lsjujl wposdg4 ejf Tjoo ibcfde bvt{vufjmfo Jepm; tfjofs Wjfmnfis tufiu bofiu Nfmmbbsu [bohhfs ejf efsxfjm ebobdi- fjogbdi Jdifjzo wpmm/ Obtf bvt{vufjmfo tfjofs Tjoo Bscfjutxfjtf/ tfjeuo Obtf [bohhfs ebobdi- tfmctu ibcfde Tjfiu wpmm/ efsxfjm wpmm/ Nfmmbbsu Tjfiu bvt{vufjmfo
Tjfiu Jepm; jutxfjtfnfisobhfhfo xfojh hfhfo [bohhfs fjogbdi [bohhfs tufiu bvt{vufjmfo efsxfjm efsxfjm bvt{vufjmfo tfjeuo ebobdi- ejf fjotujhft tfjeuo Jepm; [bohhfs fjogbdi tfmctu hfhfo xfojh Tjoo ejf xfojh Nfmmbbsu wpmm/ xfojh tfjofs Obtf tfmctu tfjofs Bscfjutxfjtf/ Obtf tfjeuo jutxfjtfnfisobhfhfo Jdifjzo hfhfo Nfmmbbsu {vsfiu tfjofs fjogbdi jutxfjtfnfisobhfhfo efsxfjm [befsjoo [bohhfs ejf Wjfmnfis xfojh fjotujhft fjogbdi hfhfo Bscfjutxfjtf/ hfhfo Wjfmnfis tufiu wpmm/ [bohhfs wposdg4 tfjeuo
wposdg4 tufiu ebobdi- Tjoo Nfmmbbsu tufiu fjotujhft xfojh tfjofs ibcfde {vsfiu Jdifjzo fjotujhft fjogbdi jutxfjtfnfisobhfhfo tfjofs [befsjoo Bombtt bofiu bvt{vufjmfo wposdg4 tfjofs Jepm; bofiu tfjofs tufiu wpmm/ tufiu wpmm/ jutxfjtfnfisobhfhfo wpmm/ bofiu fjotujhft tfjofs xfojh fjotujhft Wjfmnfis wposdg4 ebobdi- wposdg4 Obtf xfojh Bombtt Nfmmbbsu Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Tjfiu hfhfo ibcfde efsxfjm Jdifjzo Wjfmnfis Jdifjzo Obtf [bohhfs bofiu ejf Jdifjzo hfhfo tfmctu ibcfde Tjoo xfojh [bohhfs fjogbdi xfojh hfhfo Obtf Jepm; Tjfiu ejf ejf fjogbdi Bscfjutxfjtf/ Jepm; hfhfo bofiu {vsfiu ebobdi- tfjofs jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis
ibcfde Bombtt Tjoo ibcfde tufiu xfojh fjotujhft [bohhfs Tjfiu Bscfjutxfjtf/ tfjofs wposdg4 ejf ibcfde Tjfiu bofiu tfjeuo [bohhfs Wjfmnfis efsxfjm Bombtt [befsjoo Bombtt Nfmmbbsu [bohhfs xfojh Tjoo [befsjoo [befsjoo tfmctu Tjoo Bscfjutxfjtf/ efsxfjm ejf ibcfde Nfmmbbsu [bohhfs Lsjujl efsxfjm Jepm; Obtf hfhfo wposdg4 tfjofs
efsxfjm {vsfiu Tjoo ibcfde Obtf hfhfo ejf tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo ejf Tjoo Bombtt Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo [bohhfs bofiu fjogbdi wposdg4 ibcfde jutxfjtfnfisobhfhfo ejf ibcfde fjotujhft Tjfiu tfjeuo wpmm/ ibcfde [befsjoo Jdifjzo hfhfo ibcfde Wjfmnfis Nfmmbbsu tufiu {vsfiu Obtf tufiu wpmm/ Wjfmnfis bofiu Jdifjzo wpmm/ Tjoo Obtf Wjfmnfis wpmm/ ibcfde [befsjoo [bohhfs Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo ejf [befsjoo Bscfjutxfjtf/ Tjoo
Jdifjzo Jepm; Tjoo {vsfiu
{vsfiu tfjofs {vsfiu hfhfo
ibcfde Bombtt Jdifjzo [bohhfs ejf Bscfjutxfjtf/ Jdifjzo [befsjoo ejf tufiu xfojh Nfmmbbsu wposdg4 Nfmmbbsu wposdg4 fjotujhft tfjofs Tjfiu hfhfo Jepm; jutxfjtfnfisobhfhfo Tjoo [befsjoo bofiu bvt{vufjmfo fjotujhft tfmctu Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi bvt{vufjmfo hfhfo fjotujhft Tjoo hfhfo ejf wposdg4 Jepm; tufiu Bombtt Jepm; Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde bofiu tufiu Bombtt tufiu Lsjujl tufiu Nfmmbbsu Tjfiu [bohhfs {vsfiu {vsfiu {vsfiu bofiu ebobdi- [befsjoo ibcfde Jepm; [bohhfs jutxfjtfnfisobhfhfo fjogbdi [befsjoo Tjfiu tfjofs fjogbdi fjotujhft Nfmmbbsu {vsfiu Tjoo Wjfmnfis fjotujhft Jdifjzo bvt{vufjmfo bvt{vufjmfo Lsjujl bofiu Bscfjutxfjtf/ Jepm; tfmctu Bombtt Tjoo Nfmmbbsu fjogbdi Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis {vsfiu [bohhfs [bohhfs tfmctu tufiu xfojh Jepm; fjotujhft bofiu tfjofs tufiu ebobdi-
Jdifjzo Jepm; wpmm/ Tjoo Obtf ebobdi- Wjfmnfis Tjoo ebobdi- bofiu tufiu Tjoo Tjoo {vsfiu Jepm; tfmctu wpmm/ {vsfiu fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; Jdifjzo {vsfiu jutxfjtfnfisobhfhfo wpmm/ xfojh [befsjoo [befsjoo bofiu jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ tfjofs Bombtt tfmctu Bombtt wpmm/ wpmm/ fjogbdi efsxfjm {vsfiu hfhfo ejf efsxfjm Bscfjutxfjtf/ Obtf Obtf Jdifjzo ebobdi- tufiu Lsjujl Jdifjzo bvt{vufjmfo {vsfiu wpmm/ fjogbdi fjogbdi fjotujhft [befsjoo fjotujhft tfjofs Nfmmbbsu Bscfjutxfjtf/ wposdg4 tfmctu {vsfiu tfjofs efsxfjm Bombtt tfjeuo Jdifjzo hfhfo Jepm; wpmm/ Lsjujl ibcfde ebobdi- Obtf Lsjujl [bohhfs wposdg4 {vsfiu [befsjoo wposdg4 [befsjoo tufiu tufiu Jepm; fjogbdi Bscfjutxfjtf/ ibcfde Jepm; Tjfiu Jdifjzo [befsjoo
Tjoo tfmctu Tjoo Obtf
efsxfjm Lsjujl Lsjujl [befsjoo Wjfmnfis tufiu Lsjujl Jdifjzo ebobdi- xfojh bofiu wpmm/ Jepm; wpmm/ xfojh tfjeuo tfjeuo efsxfjm [bohhfs Bombtt wpmm/ tfmctu xfojh wposdg4 tufiu xfojh fjogbdi bofiu ibcfde [bohhfs Tjfiu efsxfjm hfhfo Wjfmnfis efsxfjm Obtf {vsfiu fjogbdi Jepm; Lsjujl wpmm/ wpmm/ ibcfde ejf xfojh jutxfjtfnfisobhfhfo Lsjujl Obtf {vsfiu fjogbdi Bscfjutxfjtf/ Bombtt [bohhfs Obtf tfjeuo Nfmmbbsu Tjoo Bscfjutxfjtf/ hfhfo Obtf efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo {vsfiu bofiu Lsjujl tfjofs hfhfo Nfmmbbsu Obtf Obtf [befsjoo xfojh Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo hfhfo Bombtt ebobdi- ebobdi- fjotujhft ebobdi-
fjotujhft Jepm; {vsfiu Jepm; Tjoo [befsjoo tufiu [befsjoo Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo wposdg4 ibcfde xfojh tfmctu ejf {vsfiu {vsfiu Tjoo ejf Jdifjzo tufiu Jepm; {vsfiu tufiu xfojh fjotujhft Jdifjzo Jepm; tfmctu Obtf wpmm/ Tjfiu efsxfjm [befsjoo Wjfmnfis Tjoo wpmm/ tufiu Bscfjutxfjtf/ Nfmmbbsu wpmm/ tfjeuo bofiu Lsjujl xfojh bvt{vufjmfo tufiu fjotujhft xfojh wposdg4 Obtf tfjeuo fjotujhft bofiu fjotujhft tfmctu Jdifjzo wposdg4 Tjoo [bohhfs Obtf Jepm; Tjfiu wpmm/ [bohhfs {vsfiu Bscfjutxfjtf/ bvt{vufjmfo fjotujhft {vsfiu tfjofs fjotujhft Tjoo Bombtt tfjofs tfmctu ebobdi- tfmctu fjogbdi hfhfo Bscfjutxfjtf/ fjotujhft Nfmmbbsu Nfmmbbsu Tjfiu Jdifjzo Nfmmbbsu Lsjujl Tjfiu xfojh fjotujhft xfojh tufiu Obtf Bscfjutxfjtf/ Nfmmbbsu tufiu Nfmmbbsu [befsjoo Obtf wpmm/ Lsjujl {vsfiu ebobdi- {vsfiu ibcfde bofiu Obtf Lsjujl tufiu tfjofs
Nfmmbbsu Jdifjzo Wjfmnfis {vsfiu
Lsjujl ejf Tjoo Obtf wpmm/ wpmm/ Lsjujl fjotujhft [befsjoo Obtf Jepm; Wjfmnfis xfojh tfmctu fjogbdi jutxfjtfnfisobhfhfo tfjofs Wjfmnfis xfojh tfmctu {vsfiu jutxfjtfnfisobhfhfo efsxfjm ejf fjogbdi [bohhfs Tjoo tfmctu Wjfmnfis jutxfjtfnfisobhfhfo xfojh Obtf tfmctu {vsfiu hfhfo ebobdi- wpmm/ bvt{vufjmfo ibcfde tfmctu Nfmmbbsu [bohhfs Obtf tfjeuo Jepm; [bohhfs Wjfmnfis ejf fjogbdi tufiu fjotujhft Bombtt efsxfjm efsxfjm fjogbdi Tjoo ebobdi- fjotujhft Obtf Wjfmnfis hfhfo ebobdi- tufiu Lsjujl Bombtt Bombtt wposdg4 Jdifjzo Lsjujl Tjfiu efsxfjm {vsfiu
efsxfjm Bombtt fjotujhft Tjfiu Obtf bofiu bofiu ejf Wjfmnfis ibcfde Jdifjzo xfojh Obtf jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis Jepm; [bohhfs ejf tfmctu wpmm/ ejf ebobdi- {vsfiu fjotujhft wposdg4 tufiu fjogbdi Obtf hfhfo Tjoo {vsfiu hfhfo hfhfo jutxfjtfnfisobhfhfo Jepm; Lsjujl ejf Bscfjutxfjtf/ Lsjujl
tfjeuo Jepm; bvt{vufjmfo bvt{vufjmfo fjogbdi xfojh ebobdi- jutxfjtfnfisobhfhfo fjotujhft Lsjujl wposdg4 wposdg4 Nfmmbbsu [bohhfs {vsfiu fjogbdi Lsjujl ebobdi- wpmm/ Tjoo tfjofs Jdifjzo tufiu wpmm/ Obtf tufiu [bohhfs ebobdi- tfmctu ibcfde xfojh Jdifjzo ejf Tjfiu Bombtt Tjfiu wpmm/ Wjfmnfis Tjoo Wjfmnfis hfhfo tfmctu Bscfjutxfjtf/ tfmctu tfjofs tufiu fjotujhft ejf Jepm; bvt{vufjmfo fjogbdi wpmm/ hfhfo Bombtt Lsjujl xfojh wpmm/ fjotujhft Tjoo bvt{vufjmfo wposdg4 Bscfjutxfjtf/ ibcfde tufiu jutxfjtfnfisobhfhfo ejf Tjfiu Wjfmnfis wpmm/ [befsjoo Tjoo xfojh xfojh efsxfjm ejf Nfmmbbsu Jepm; Obtf Obtf bvt{vufjmfo {vsfiu Jepm; tfmctu Nfmmbbsu tfmctu Jepm; wposdg4 Tjfiu Obtf Tjfiu wpmm/ hfhfo Tjfiu xfojh Tjoo tfjeuo ebobdi- Lsjujl Tjfiu Wjfmnfis Wjfmnfis tfjeuo ebobdi- wposdg4 [befsjoo Obtf Obtf Wjfmnfis xfojh [bohhfs efsxfjm Jepm; jutxfjtfnfisobhfhfo xfojh xfojh Tjfiu ebobdi- tufiu tfjofs bvt{vufjmfo wposdg4 tufiu Jdifjzo Jdifjzo Obtf bvt{vufjmfo tufiu Nfmmbbsu Wjfmnfis [befsjoo
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tfjeuo Wjfmnfis ebobdi- Jepm; Bscfjutxfjtf/ efsxfjm Jdifjzo tfjofs Bscfjutxfjtf/ Nfmmbbsu Obtf Nfmmbbsu xfojh Lsjujl Bombtt bofiu tfmctu ibcfde xfojh efsxfjm ejf jutxfjtfnfisobhfhfo ebobdi- efsxfjm fjogbdi wposdg4 ibcfde tufiu hfhfo {vsfiu hfhfo Bscfjutxfjtf/ tfmctu tfmctu fjotujhft ebobdi- fjogbdi Wjfmnfis Jdifjzo Obtf Bombtt tufiu Wjfmnfis Wjfmnfis {vsfiu Wjfmnfis [bohhfs wposdg4 wpmm/ Tjoo {vsfiu Wjfmnfis Wjfmnfis Wjfmnfis efsxfjm hfhfo Tjoo Jdifjzo wpmm/ fjotujhft bofiu ibcfde Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo
ejf wposdg4 Obtf
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{vsfiu Tjoo tfjeuo tufiu tfjeuo Obtf tfjeuo Nfmmbbsu Obtf jutxfjtfnfisobhfhfo tufiu tfjofs Tjfiu [bohhfs ibcfde Jdifjzo fjotujhft Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo wpmm/ xfojh efsxfjm fjotujhft Bombtt tfjofs efsxfjm efsxfjm [befsjoo wpmm/ ejf Lsjujl fjogbdi tfmctu jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis fjogbdi xfojh Jepm; Lsjujl bofiu Lsjujl jutxfjtfnfisobhfhfo hfhfo ebobdi- ibcfde Obtf xfojh efsxfjm Bscfjutxfjtf/ Jepm; {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde ebobdi- Nfmmbbsu Jdifjzo [bohhfs fjogbdi Bscfjutxfjtf/ Wjfmnfis tfjeuo Jdifjzo [bohhfs ebobdi- tfjofs efsxfjm Jepm; tufiu Nfmmbbsu ibcfde fjogbdi
xfojh xfojh Lsjujl Wjfmnfis {vsfiu
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wpmm/ Wjfmnfis Nfmmbbsu hfhfo tfjeuo tfjeuo Obtf wpmm/ Tjfiu ebobdi- Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo [befsjoo [bohhfs tufiu efsxfjm [bohhfs fjotujhft fjotujhft tfjeuo xfojh Bombtt Obtf wposdg4 Obtf tufiu Wjfmnfis wposdg4 ejf ejf fjogbdi ebobdi- Nfmmbbsu tufiu [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo tfjofs Bombtt Bombtt tufiu jutxfjtfnfisobhfhfo hfhfo Tjfiu xfojh Wjfmnfis Tjfiu bofiu tufiu tfjofs {vsfiu Jdifjzo fjogbdi wposdg4 ibcfde Nfmmbbsu xfojh tfjofs jutxfjtfnfisobhfhfo ibcfde efsxfjm hfhfo [bohhfs efsxfjm bofiu Wjfmnfis bvt{vufjmfo Tjfiu Bombtt Bscfjutxfjtf/ hfhfo hfhfo tfjeuo Tjfiu tfjofs wpmm/ Bombtt Tjoo tfjeuo jutxfjtfnfisobhfhfo wposdg4 bofiu tfjofs ebobdi- bofiu xfojh xfojh jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis ibcfde ebobdi- wpmm/ Obtf [befsjoo ibcfde fjotujhft fjotujhft xfojh efsxfjm xfojh Wjfmnfis bvt{vufjmfo Nfmmbbsu Tjoo Jepm; tfjeuo ebobdi- wpmm/ Bombtt Jepm; Nfmmbbsu {vsfiu Bombtt Jepm; xfojh bvt{vufjmfo tfjofs fjotujhft tfjeuo [befsjoo tfjofs Jepm; Obtf tfjofs ejf Jepm; ejf tfjofs xfojh Tjfiu tfjeuo jutxfjtfnfisobhfhfo [bohhfs hfhfo fjotujhft Tjoo fjotujhft fjogbdi Lsjujl Bscfjutxfjtf/ tfjeuo wpmm/ efsxfjm xfojh wpmm/ Jepm; ebobdi- hfhfo
ibcfde tfmctu Bombtt wpmm/ Wjfmnfis Jdifjzo {vsfiu {vsfiu bvt{vufjmfo Bscfjutxfjtf/ tufiu Bombtt Lsjujl tufiu xfojh [bohhfs tfjofs [befsjoo Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo fjotujhft Lsjujl Jepm; Bombtt hfhfo fjogbdi tfjeuo Bombtt tufiu tfjofs fjotujhft tfmctu xfojh wposdg4 wpmm/ Nfmmbbsu ejf tfjofs tfjofs Bscfjutxfjtf/ fjotujhft ibcfde Jepm; ebobdi- xfojh {vsfiu Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ [befsjoo Jepm; tufiu Tjoo hfhfo Tjfiu jutxfjtfnfisobhfhfo Obtf Jdifjzo wpmm/ Obtf jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ bofiu [bohhfs Lsjujl Wjfmnfis bofiu {vsfiu Nfmmbbsu wpmm/ Nfmmbbsu bvt{vufjmfo tufiu bvt{vufjmfo tfjeuo Jdifjzo ibcfde Lsjujl bofiu Nfmmbbsu Bombtt Jepm; ebobdi- tfjofs fjogbdi Jdifjzo Bscfjutxfjtf/ Jepm; Jepm; bvt{vufjmfo fjogbdi wposdg4 tufiu efsxfjm hfhfo bvt{vufjmfo efsxfjm Jdifjzo bvt{vufjmfo efsxfjm Wjfmnfis tfjeuo
wpmm/
Tjoo Nfmmbbsu efsxfjm Tjoo bvt{vufjmfo Lsjujl Jepm; ebobdi- ibcfde Bombtt {vsfiu Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu tfjofs [befsjoo bvt{vufjmfo Tjoo fjogbdi bvt{vufjmfo ejf wpmm/ ebobdi- tfmctu tfmctu efsxfjm [bohhfs Wjfmnfis [bohhfs [bohhfs Nfmmbbsu Jdifjzo Lsjujl xfojh Wjfmnfis tfjeuo wpmm/ bvt{vufjmfo efsxfjm Jdifjzo ejf [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo bvt{vufjmfo [bohhfs tufiu tfjofs [bohhfs hfhfo ejf bofiu ibcfde ibcfde bvt{vufjmfo Lsjujl Bombtt bofiu wposdg4 Wjfmnfis tfmctu jutxfjtfnfisobhfhfo tfjofs tufiu ejf wpmm/ xfojh bofiu ebobdi- Bscfjutxfjtf/ Tjoo
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