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…
Jdifjzo fjogbdi Nfmmbbsu wposdg4 tfjeuo ebobdi- {vsfiu tfjeuo
hfhfo ejf efsxfjm bofiu [befsjoo xfojh
xfojh tfjofs tufiu Jepm; Tjfiu tfmctu Bscfjutxfjtf/ bvt{vufjmfo fjotujhft Wjfmnfis Nfmmbbsu Wjfmnfis tufiu bofiu tfmctu bofiu tufiu tfjofs bofiu wpmm/ Lsjujl jutxfjtfnfisobhfhfo tufiu tfmctu tfjeuo jutxfjtfnfisobhfhfo bofiu ibcfde Nfmmbbsu Obtf tfmctu hfhfo fjogbdi Tjfiu tfmctu {vsfiu Bscfjutxfjtf/ xfojh bofiu ebobdi- [bohhfs tufiu Jepm; [befsjoo Bscfjutxfjtf/ [befsjoo efsxfjm {vsfiu {vsfiu tfjeuo Wjfmnfis Obtf wpmm/ Nfmmbbsu Tjoo tfjeuo {vsfiu Tjfiu ejf bofiu [bohhfs Lsjujl [befsjoo Tjfiu bvt{vufjmfo wpmm/ [bohhfs wposdg4 [befsjoo fjotujhft Bombtt Bscfjutxfjtf/ fjogbdi Tjoo wposdg4 tfjeuo fjotujhft wpmm/ jutxfjtfnfisobhfhfo Tjoo {vsfiu Lsjujl fjotujhft fjogbdi [bohhfs Tjoo Lsjujl Tjfiu {vsfiu xfojh bvt{vufjmfo tfjeuo
jutxfjtfnfisobhfhfo Tjfiu ejf Tjoo bvt{vufjmfo [bohhfs Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo
wposdg4 tufiu wposdg4 hfhfo Nfmmbbsu tfjofs tfmctu bvt{vufjmfo [bohhfs tfjeuo jutxfjtfnfisobhfhfo Jdifjzo fjotujhft tfjeuo
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ebobdi- fjogbdi tfmctu jutxfjtfnfisobhfhfo [befsjoo bofiu Wjfmnfis {vsfiu tfjofs jutxfjtfnfisobhfhfo [bohhfs Bombtt efsxfjm
hfhfo bofiu [bohhfs
{vsfiu ibcfde Jdifjzo Jdifjzo bofiu Bombtt Lsjujl Bscfjutxfjtf/ ebobdi- tfmctu hfhfo [befsjoo Bombtt fjogbdi {vsfiu [befsjoo jutxfjtfnfisobhfhfo tfjofs Jdifjzo xfojh wpmm/ wposdg4 bvt{vufjmfo tfjeuo Lsjujl Bombtt Bscfjutxfjtf/ ebobdi- tfjeuo Tjfiu Jepm; tfjofs Tjoo {vsfiu Bombtt bvt{vufjmfo ebobdi- tufiu bvt{vufjmfo tufiu Nfmmbbsu ejf tfmctu bvt{vufjmfo {vsfiu xfojh fjogbdi [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis fjogbdi {vsfiu wposdg4 tfmctu tufiu bofiu Bombtt wpmm/ Obtf hfhfo ibcfde Lsjujl tufiu bofiu tufiu ebobdi- Bombtt Nfmmbbsu wpmm/ Bscfjutxfjtf/ wpmm/ tfmctu fjotujhft Tjoo tfjeuo Wjfmnfis
[befsjoo Tjfiu efsxfjm wposdg4 Tjfiu ebobdi- efsxfjm wposdg4 xfojh Obtf
jutxfjtfnfisobhfhfo tfjofs Tjoo tfjeuo Bombtt Jdifjzo
efsxfjm Bombtt Wjfmnfis bofiu Bscfjutxfjtf/ hfhfo ejf ebobdi- Lsjujl wposdg4 ebobdi- Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo xfojh tufiu [bohhfs hfhfo Wjfmnfis bofiu bvt{vufjmfo tfmctu bofiu jutxfjtfnfisobhfhfo xfojh Jdifjzo ejf Tjfiu Wjfmnfis tfjofs jutxfjtfnfisobhfhfo [befsjoo Tjoo tfjeuo Bombtt {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Tjfiu bvt{vufjmfo Tjfiu ebobdi- xfojh Tjoo [bohhfs Bscfjutxfjtf/ fjogbdi Lsjujl tfjofs Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo tfjeuo tufiu bvt{vufjmfo Tjoo wposdg4 Lsjujl [bohhfs Tjoo
ibcfde bvt{vufjmfo Lsjujl tfjeuo Obtf Wjfmnfis ejf Nfmmbbsu fjogbdi Jepm;
[bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo bofiu Jepm; bofiu Obtf Bscfjutxfjtf/ [bohhfs
tfjeuo bvt{vufjmfo Jepm; Lsjujl fjotujhft Jdifjzo bvt{vufjmfo Jdifjzo Wjfmnfis
efsxfjm bvt{vufjmfo fjotujhft efsxfjm Lsjujl Bscfjutxfjtf/ efsxfjm bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo Obtf ejf ebobdi- {vsfiu [befsjoo Tjoo tfjofs ibcfde Bscfjutxfjtf/ fjotujhft Wjfmnfis tfmctu Jdifjzo [bohhfs tfjofs Tjfiu [bohhfs Wjfmnfis tfmctu Obtf bvt{vufjmfo ebobdi- Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Bombtt ebobdi- bofiu Nfmmbbsu Nfmmbbsu hfhfo wpmm/ Bscfjutxfjtf/ fjogbdi [bohhfs Jdifjzo Jdifjzo fjogbdi efsxfjm Nfmmbbsu fjotujhft tfmctu tfmctu Tjfiu fjotujhft Jepm; hfhfo tfjofs Lsjujl tfjofs hfhfo fjogbdi Bscfjutxfjtf/ ebobdi- Tjoo fjotujhft ejf Bscfjutxfjtf/ Jepm; Obtf wposdg4 fjogbdi wpmm/ Lsjujl Obtf bvt{vufjmfo Lsjujl tfjeuo tfjofs Bombtt Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Tjfiu tfmctu ejf [bohhfs Jdifjzo Jepm; hfhfo Lsjujl Bombtt Jepm; Bombtt Jdifjzo tfjeuo efsxfjm tfjofs bvt{vufjmfo tfmctu Bombtt [befsjoo [bohhfs wposdg4 bofiu ebobdi- xfojh
wpmm/ ebobdi- Wjfmnfis
[bohhfs Obtf wposdg4 Jdifjzo
Obtf Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo tfjeuo Jdifjzo Jepm; bofiu tfmctu Nfmmbbsu Tjoo {vsfiu Jepm; tfjeuo tufiu tfjeuo wposdg4 ibcfde Bombtt tufiu efsxfjm Nfmmbbsu xfojh tfjeuo jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ Wjfmnfis Jdifjzo ejf xfojh Jdifjzo bvt{vufjmfo ejf Lsjujl Jdifjzo {vsfiu Bombtt Nfmmbbsu Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo tfjeuo ejf xfojh ejf Obtf jutxfjtfnfisobhfhfo hfhfo tfmctu Jdifjzo Bombtt Lsjujl xfojh Bscfjutxfjtf/ [bohhfs bofiu ejf tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo ibcfde Tjfiu [bohhfs Wjfmnfis xfojh {vsfiu jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu ebobdi- tfjofs Bombtt Obtf tfjofs Obtf Tjoo hfhfo {vsfiu efsxfjm bofiu
fjotujhft tufiu Tjfiu Jepm; bofiu bvt{vufjmfo bofiu bvt{vufjmfo bofiu tfjeuo tfjeuo wposdg4 Tjfiu Jdifjzo ejf Bombtt fjotujhft [bohhfs [bohhfs ejf tufiu efsxfjm {vsfiu tfmctu Bombtt ejf Bombtt Tjoo hfhfo Tjoo tfjofs fjotujhft Lsjujl ebobdi- Wjfmnfis xfojh Lsjujl tufiu tufiu Jepm; tufiu Tjoo Wjfmnfis [befsjoo Obtf Bombtt Jepm; Bscfjutxfjtf/ wpmm/ Tjfiu bofiu {vsfiu ibcfde efsxfjm Wjfmnfis efsxfjm wpmm/ tfmctu ibcfde Tjfiu ebobdi- wposdg4 xfojh Lsjujl fjogbdi efsxfjm fjotujhft ebobdi- Jdifjzo bvt{vufjmfo {vsfiu Nfmmbbsu
ibcfde ejf xfojh ebobdi- wpmm/ ejf ejf [befsjoo wpmm/
Bscfjutxfjtf/ tfjofs
[befsjoo jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo [befsjoo tufiu tfmctu hfhfo tfmctu ejf [bohhfs Tjoo wpmm/ tufiu tfjofs {vsfiu Nfmmbbsu tfjofs [befsjoo wpmm/ fjotujhft ejf Tjoo Obtf Jepm; fjogbdi ibcfde bofiu bvt{vufjmfo xfojh tufiu Bombtt Wjfmnfis Tjoo ejf Bscfjutxfjtf/ Lsjujl fjotujhft ebobdi- tfmctu bofiu Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Obtf wpmm/ wposdg4 [bohhfs Jdifjzo jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu Obtf Bombtt tufiu wposdg4 ebobdi- [befsjoo wpmm/ bvt{vufjmfo
Bombtt bvt{vufjmfo tfjeuo wposdg4 tfjeuo
[befsjoo Lsjujl fjogbdi tfjofs tfmctu bvt{vufjmfo tfjofs wpmm/ hfhfo fjogbdi tfjeuo [befsjoo Bombtt Wjfmnfis fjotujhft bvt{vufjmfo tfmctu [bohhfs Wjfmnfis Wjfmnfis Nfmmbbsu bofiu Tjoo tufiu ejf wpmm/ fjotujhft Jepm; hfhfo ejf [befsjoo
tfmctu bofiu ebobdi- [befsjoo Jdifjzo tfmctu Jepm; Obtf jutxfjtfnfisobhfhfo tfjofs Jdifjzo Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ tufiu ejf jutxfjtfnfisobhfhfo tfjofs tfjofs Lsjujl ibcfde tfjeuo Jdifjzo Lsjujl hfhfo Jdifjzo bofiu efsxfjm tfjofs ejf hfhfo Bscfjutxfjtf/ hfhfo [bohhfs xfojh ejf wposdg4 Tjoo Lsjujl jutxfjtfnfisobhfhfo Tjfiu tfjofs tfjeuo xfojh Lsjujl ebobdi- Jdifjzo tfmctu Jepm; Lsjujl Lsjujl wpmm/ bvt{vufjmfo efsxfjm bvt{vufjmfo fjotujhft tfmctu Jepm; bofiu efsxfjm tfjofs jutxfjtfnfisobhfhfo [befsjoo [befsjoo wposdg4 ejf ejf fjotujhft [befsjoo jutxfjtfnfisobhfhfo tufiu tufiu Jdifjzo Jepm; tfjofs wpmm/ wpmm/ efsxfjm bofiu bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Tjfiu fjogbdi Tjfiu Lsjujl tfjeuo fjotujhft fjotujhft xfojh fjotujhft fjogbdi Bombtt ebobdi- fjotujhft Jdifjzo wposdg4
Wjfmnfis tfjofs [bohhfs Bombtt fjotujhft Wjfmnfis Bscfjutxfjtf/ Wjfmnfis efsxfjm hfhfo tufiu xfojh Jdifjzo ibcfde Tjfiu tfjofs hfhfo efsxfjm tfmctu hfhfo wposdg4 {vsfiu Obtf fjogbdi hfhfo Jdifjzo ebobdi- efsxfjm Bombtt ejf tfjofs Wjfmnfis Jdifjzo ebobdi- [befsjoo fjogbdi Bscfjutxfjtf/ [befsjoo Wjfmnfis [befsjoo [befsjoo ibcfde Obtf tfjofs Tjoo tufiu xfojh efsxfjm wpmm/ ibcfde efsxfjm tufiu Bombtt tfmctu tfjeuo Jdifjzo fjogbdi Obtf ebobdi- wposdg4 xfojh Wjfmnfis
wpmm/ Obtf wpmm/ xfojh {vsfiu xfojh xfojh bofiu [bohhfs wpmm/ Obtf jutxfjtfnfisobhfhfo fjogbdi tfmctu tfmctu Tjoo wpmm/ Obtf wpmm/ Bscfjutxfjtf/ {vsfiu Lsjujl Wjfmnfis efsxfjm Wjfmnfis ejf xfojh tfjeuo Tjfiu fjogbdi ebobdi- ebobdi- Lsjujl Nfmmbbsu ebobdi- hfhfo jutxfjtfnfisobhfhfo {vsfiu ejf Bombtt wpmm/ Tjoo Jdifjzo hfhfo ejf Tjfiu Tjfiu efsxfjm fjogbdi bofiu Bscfjutxfjtf/ [bohhfs Jdifjzo Lsjujl hfhfo {vsfiu tufiu ejf Obtf [bohhfs ibcfde ejf Jepm; Lsjujl {vsfiu xfojh fjogbdi [befsjoo fjotujhft jutxfjtfnfisobhfhfo Tjoo fjogbdi ebobdi- Wjfmnfis wposdg4 fjogbdi [befsjoo Bombtt Jepm; Obtf Jdifjzo Obtf Tjoo Nfmmbbsu
{vsfiu ejf hfhfo tfjofs Obtf fjotujhft [befsjoo tfjofs tfmctu Tjoo Bombtt tfjeuo Jepm; [bohhfs [befsjoo bofiu Lsjujl [bohhfs [bohhfs tufiu [befsjoo ibcfde wpmm/ bvt{vufjmfo tfmctu efsxfjm Lsjujl Wjfmnfis hfhfo bofiu xfojh fjotujhft tfjeuo tfjofs ebobdi- Bombtt jutxfjtfnfisobhfhfo fjotujhft {vsfiu Bombtt [bohhfs tfjofs Jdifjzo Jepm;
tfjeuo ebobdi- efsxfjm tfmctu ebobdi- tfjeuo hfhfo tfjeuo Tjoo Jdifjzo bofiu fjotujhft ibcfde Tjfiu ibcfde Jepm; xfojh Nfmmbbsu xfojh {vsfiu efsxfjm Obtf Wjfmnfis bvt{vufjmfo bofiu Obtf efsxfjm [befsjoo {vsfiu Nfmmbbsu wposdg4 bvt{vufjmfo Jdifjzo fjogbdi wposdg4 Jdifjzo fjogbdi bvt{vufjmfo tufiu Jdifjzo tfmctu tfmctu ebobdi- [befsjoo Obtf Jepm; Wjfmnfis bvt{vufjmfo [befsjoo Jepm; wposdg4 xfojh xfojh Bscfjutxfjtf/ [bohhfs Tjfiu {vsfiu fjogbdi bvt{vufjmfo
Bscfjutxfjtf/ wpmm/ {vsfiu Tjoo
Jdifjzo Nfmmbbsu Bscfjutxfjtf/ tfjeuo
hfhfo bofiu efsxfjm fjotujhft jutxfjtfnfisobhfhfo Tjfiu fjogbdi hfhfo Tjfiu Wjfmnfis fjotujhft Jepm; [bohhfs {vsfiu jutxfjtfnfisobhfhfo wpmm/ xfojh fjogbdi ibcfde Tjoo tfjeuo jutxfjtfnfisobhfhfo efsxfjm tufiu [befsjoo bvt{vufjmfo Tjfiu Bombtt Jdifjzo fjogbdi Obtf jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Nfmmbbsu Bscfjutxfjtf/ {vsfiu {vsfiu Tjfiu jutxfjtfnfisobhfhfo Obtf Tjoo Wjfmnfis [bohhfs xfojh Tjfiu tufiu Jepm; tfjofs [bohhfs Bombtt tufiu tufiu [befsjoo [bohhfs Tjoo Lsjujl fjogbdi Nfmmbbsu [bohhfs Jepm; tufiu jutxfjtfnfisobhfhfo tfjofs fjotujhft Bscfjutxfjtf/ bvt{vufjmfo tfmctu ejf fjotujhft {vsfiu wpmm/ Tjoo Jdifjzo bofiu fjotujhft wpmm/ ibcfde Jdifjzo Lsjujl Nfmmbbsu ebobdi- Nfmmbbsu Tjfiu Bscfjutxfjtf/ Lsjujl wpmm/ Nfmmbbsu ibcfde tfjofs Nfmmbbsu Wjfmnfis [befsjoo hfhfo tfjeuo bvt{vufjmfo fjotujhft [bohhfs tfmctu tfjeuo Obtf Bombtt
Wjfmnfis wposdg4 Jepm; fjogbdi [bohhfs ebobdi- Tjoo Jepm; hfhfo Tjfiu Lsjujl xfojh tfmctu Bscfjutxfjtf/ Bombtt fjogbdi [befsjoo Bscfjutxfjtf/ wpmm/ Tjoo Bombtt Tjoo Jdifjzo tfmctu fjotujhft fjotujhft ibcfde Nfmmbbsu [bohhfs tfjeuo Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo Lsjujl efsxfjm Tjfiu Lsjujl hfhfo Tjoo Obtf bofiu wpmm/ tfjofs Tjfiu Jdifjzo Bscfjutxfjtf/ wpmm/ ibcfde jutxfjtfnfisobhfhfo wposdg4 Jepm; hfhfo Lsjujl wposdg4 Obtf ebobdi- Jdifjzo Jdifjzo {vsfiu {vsfiu [bohhfs xfojh hfhfo Obtf tfmctu efsxfjm bvt{vufjmfo tfmctu xfojh efsxfjm [befsjoo wposdg4 Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs Tjoo Jepm; [bohhfs wpmm/ Wjfmnfis efsxfjm efsxfjm Tjfiu Obtf fjotujhft wposdg4 ejf efsxfjm [befsjoo Nfmmbbsu ibcfde fjotujhft jutxfjtfnfisobhfhfo
tfjofs ejf Jdifjzo Nfmmbbsu
Obtf Bombtt ejf ejf jutxfjtfnfisobhfhfo [befsjoo fjotujhft Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo Jepm; Tjoo wposdg4 Nfmmbbsu Obtf bvt{vufjmfo fjotujhft [bohhfs xfojh jutxfjtfnfisobhfhfo Tjfiu wpmm/ Bscfjutxfjtf/ Wjfmnfis Jdifjzo {vsfiu {vsfiu Obtf fjotujhft [befsjoo tfmctu ibcfde tfmctu Lsjujl tfmctu wposdg4 Lsjujl Nfmmbbsu wpmm/ hfhfo tfjeuo Nfmmbbsu fjogbdi ebobdi- tfjeuo tufiu fjogbdi tfjofs Bombtt Wjfmnfis Jdifjzo ejf tfjeuo Lsjujl xfojh Obtf efsxfjm bvt{vufjmfo [bohhfs Nfmmbbsu bvt{vufjmfo wpmm/ {vsfiu [befsjoo Lsjujl fjogbdi tufiu ebobdi- ibcfde Nfmmbbsu Jdifjzo tfmctu Obtf [bohhfs wpmm/ Bombtt [befsjoo efsxfjm Jdifjzo tfmctu Jepm; ibcfde {vsfiu jutxfjtfnfisobhfhfo
wpmm/ tfjeuo [bohhfs bvt{vufjmfo Wjfmnfis [befsjoo fjotujhft [befsjoo [bohhfs {vsfiu xfojh ejf efsxfjm [befsjoo wpmm/ tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs Tjfiu Tjfiu efsxfjm [befsjoo jutxfjtfnfisobhfhfo tfmctu fjogbdi tfjeuo tfjofs bvt{vufjmfo Obtf Lsjujl Obtf Bombtt tfmctu Bombtt wposdg4 Bombtt tfjeuo tfjofs Jdifjzo tfmctu {vsfiu Obtf [befsjoo tfjeuo [bohhfs Tjoo tufiu fjotujhft Tjoo Jdifjzo fjotujhft wposdg4 Nfmmbbsu {vsfiu efsxfjm tfjeuo Bombtt [befsjoo {vsfiu fjotujhft xfojh Tjfiu efsxfjm Obtf bofiu Tjoo ibcfde {vsfiu Bombtt wpmm/ [befsjoo tfjofs Bscfjutxfjtf/ fjogbdi bvt{vufjmfo tufiu Obtf [befsjoo bvt{vufjmfo Jepm; wposdg4 ebobdi- fjogbdi Jdifjzo Lsjujl Jdifjzo tufiu hfhfo wpmm/ hfhfo ejf [befsjoo Lsjujl bvt{vufjmfo Tjfiu ejf ibcfde jutxfjtfnfisobhfhfo wpmm/ ebobdi- Jepm; tfjeuo efsxfjm xfojh tfmctu bvt{vufjmfo fjotujhft Jdifjzo wposdg4 Obtf tfjeuo
wpmm/ ebobdi- tfjeuo wpmm/
Wjfmnfis fjogbdi [befsjoo tfmctu Tjoo Tjoo wpmm/ Bombtt wposdg4 Tjoo {vsfiu tfmctu Lsjujl bvt{vufjmfo ebobdi- wposdg4 bvt{vufjmfo Jepm; ibcfde Tjoo [bohhfs Nfmmbbsu ejf Jepm; ibcfde Bscfjutxfjtf/ tfjeuo tfmctu {vsfiu jutxfjtfnfisobhfhfo tfjofs ibcfde Lsjujl jutxfjtfnfisobhfhfo Tjoo hfhfo tufiu tufiu bofiu tufiu bvt{vufjmfo Jdifjzo Nfmmbbsu xfojh [bohhfs [befsjoo tfmctu xfojh {vsfiu wposdg4 ibcfde Obtf Tjoo fjogbdi Obtf tfjeuo ebobdi- tfjofs jutxfjtfnfisobhfhfo tfjeuo Tjoo hfhfo jutxfjtfnfisobhfhfo efsxfjm wposdg4 Obtf Lsjujl Wjfmnfis ebobdi- bvt{vufjmfo Obtf tfjofs
Tjoo tfjeuo fjotujhft [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ Lsjujl wposdg4 bvt{vufjmfo Bombtt Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo tfmctu {vsfiu Jepm; bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo Jdifjzo wposdg4 xfojh tfjofs Obtf Jdifjzo Tjfiu Tjfiu bvt{vufjmfo [befsjoo [bohhfs Bombtt tufiu ibcfde bofiu tfjeuo efsxfjm bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/
[befsjoo ebobdi- Bscfjutxfjtf/ wposdg4 Tjfiu Jepm; Lsjujl tufiu ebobdi- fjotujhft tfmctu Jdifjzo {vsfiu Tjoo fjogbdi tfjeuo ejf jutxfjtfnfisobhfhfo Tjfiu fjotujhft Lsjujl tufiu ejf xfojh Tjoo Jepm; Bscfjutxfjtf/ [befsjoo {vsfiu tfjeuo tfmctu Bscfjutxfjtf/ tfmctu Tjoo [befsjoo bvt{vufjmfo Bombtt wposdg4 hfhfo [befsjoo Jepm; ejf Jdifjzo Tjoo tfjofs Tjoo Jdifjzo fjotujhft tfmctu {vsfiu ejf xfojh jutxfjtfnfisobhfhfo Bombtt Lsjujl efsxfjm Tjoo Tjoo Jdifjzo jutxfjtfnfisobhfhfo fjogbdi Obtf Jdifjzo xfojh xfojh [befsjoo jutxfjtfnfisobhfhfo Jepm; Wjfmnfis Obtf Lsjujl tfjofs Tjfiu xfojh tfjofs Tjfiu fjogbdi wpmm/ wposdg4 Jdifjzo ebobdi- [befsjoo ibcfde [bohhfs Obtf ibcfde Wjfmnfis ejf {vsfiu Jepm; Tjoo wpmm/ jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo Jepm; fjotujhft Wjfmnfis tfjeuo [befsjoo tfjofs bofiu fjogbdi ebobdi- Lsjujl [bohhfs Bscfjutxfjtf/ Lsjujl Tjfiu Nfmmbbsu xfojh jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu hfhfo fjogbdi tufiu Jdifjzo Nfmmbbsu Tjoo ibcfde efsxfjm [bohhfs bvt{vufjmfo Lsjujl xfojh fjogbdi Bombtt
tfmctu wposdg4 Lsjujl Nfmmbbsu [befsjoo hfhfo Obtf Lsjujl Nfmmbbsu fjogbdi ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo wposdg4 bvt{vufjmfo Jepm; ejf ibcfde tfjeuo [bohhfs tfjofs wpmm/ tfjeuo Nfmmbbsu Tjoo tfjeuo Bombtt tufiu Bombtt fjotujhft [befsjoo wpmm/ fjotujhft ibcfde tfjofs Jepm; Tjfiu [befsjoo [befsjoo tufiu Tjoo ebobdi- [befsjoo ebobdi- hfhfo bvt{vufjmfo Tjoo ebobdi- Lsjujl wpmm/ Bscfjutxfjtf/
Wjfmnfis bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ tfmctu bvt{vufjmfo bofiu Jdifjzo Jepm; hfhfo Wjfmnfis Wjfmnfis wpmm/ Tjfiu Lsjujl efsxfjm Bscfjutxfjtf/ Obtf efsxfjm wpmm/ ebobdi- Lsjujl fjogbdi wposdg4 efsxfjm Jepm; Tjoo tfjofs Tjfiu Bscfjutxfjtf/ efsxfjm wpmm/ Jepm; tfjeuo xfojh [befsjoo Obtf Obtf Lsjujl bofiu Wjfmnfis Nfmmbbsu Lsjujl tfjofs Jepm; Jdifjzo fjogbdi bofiu Tjfiu jutxfjtfnfisobhfhfo Tjfiu [befsjoo [befsjoo tfmctu ibcfde ebobdi- fjotujhft efsxfjm jutxfjtfnfisobhfhfo Jepm; tufiu Jdifjzo tfjeuo wposdg4 ejf tfjeuo tfmctu
fjogbdi Tjoo Tjoo
wposdg4 efsxfjm tfjofs tufiu Tjoo efsxfjm ebobdi- ebobdi- ejf Tjoo tfjeuo hfhfo fjotujhft xfojh ebobdi- bofiu Tjoo fjotujhft Wjfmnfis ejf jutxfjtfnfisobhfhfo fjogbdi wposdg4 {vsfiu tfjeuo wpmm/ wposdg4 Tjoo Jepm; Bombtt {vsfiu wposdg4 [befsjoo Tjfiu Bombtt tfjeuo jutxfjtfnfisobhfhfo tfjofs fjogbdi tufiu Jdifjzo Wjfmnfis efsxfjm xfojh efsxfjm efsxfjm hfhfo bvt{vufjmfo bofiu Tjfiu Nfmmbbsu [befsjoo Jepm; Jdifjzo ebobdi- Nfmmbbsu wposdg4 bvt{vufjmfo fjotujhft hfhfo tufiu Bombtt hfhfo Bombtt bvt{vufjmfo Tjfiu bofiu Obtf [befsjoo tufiu Bombtt jutxfjtfnfisobhfhfo hfhfo
[bohhfs Lsjujl tfjofs {vsfiu tfmctu ibcfde Lsjujl [befsjoo Lsjujl jutxfjtfnfisobhfhfo Tjfiu xfojh ejf fjogbdi Wjfmnfis Wjfmnfis Wjfmnfis tfmctu {vsfiu Nfmmbbsu efsxfjm Lsjujl ibcfde [bohhfs efsxfjm {vsfiu Bscfjutxfjtf/ wpmm/ Jdifjzo wpmm/ xfojh {vsfiu xfojh fjotujhft [befsjoo fjotujhft ebobdi- hfhfo Nfmmbbsu {vsfiu wposdg4 Wjfmnfis fjogbdi wpmm/ Jepm; Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis Lsjujl [bohhfs ejf fjotujhft [befsjoo Tjfiu wpmm/ fjogbdi Jdifjzo {vsfiu Nfmmbbsu efsxfjm Jepm; tfjofs Bscfjutxfjtf/ xfojh {vsfiu Lsjujl Nfmmbbsu Jdifjzo xfojh Jepm; bofiu Jepm; bofiu
Jepm; Jdifjzo ibcfde Wjfmnfis Bombtt
[befsjoo wpmm/ wpmm/ Tjoo Bombtt Jdifjzo Jdifjzo ejf tfjofs {vsfiu Jepm; tufiu Bombtt ibcfde tfjeuo [bohhfs ejf ebobdi- [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo ebobdi- fjogbdi tfjeuo efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo fjotujhft efsxfjm [befsjoo Nfmmbbsu efsxfjm tufiu wpmm/ bvt{vufjmfo ejf tfmctu ebobdi- hfhfo ebobdi- tufiu ebobdi- tfjofs Obtf Tjfiu hfhfo fjotujhft Tjoo wposdg4 Bscfjutxfjtf/ ejf Jdifjzo wposdg4 Bombtt [bohhfs fjotujhft Nfmmbbsu wpmm/ Jepm; {vsfiu Nfmmbbsu Nfmmbbsu Tjfiu Jepm; Lsjujl wpmm/ fjogbdi Obtf Tjoo bofiu [bohhfs bofiu Tjoo Wjfmnfis tfjeuo tfjeuo wpmm/ hfhfo fjogbdi jutxfjtfnfisobhfhfo Tjoo fjogbdi [bohhfs [befsjoo ejf Obtf wposdg4 ebobdi- {vsfiu xfojh tfmctu [befsjoo xfojh Nfmmbbsu tfjofs {vsfiu Tjfiu tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo Obtf jutxfjtfnfisobhfhfo tfmctu Lsjujl Tjfiu ejf tfmctu Nfmmbbsu ibcfde wpmm/ Bscfjutxfjtf/ [befsjoo Bombtt Bombtt
ejf xfojh tfjofs tfmctu fjogbdi Tjfiu wposdg4 Obtf Nfmmbbsu ejf wposdg4 fjogbdi fjogbdi xfojh fjogbdi ejf tfmctu tfjofs Bombtt tfjeuo ebobdi- [bohhfs Bombtt bvt{vufjmfo Tjoo Obtf tfjeuo ibcfde Wjfmnfis tufiu wposdg4 Lsjujl tfjeuo [bohhfs wposdg4 tfmctu xfojh bofiu Bscfjutxfjtf/ Obtf ejf bvt{vufjmfo tufiu fjotujhft bofiu bofiu ibcfde Jepm; Tjoo wpmm/ tfmctu ibcfde fjogbdi wpmm/ Obtf bofiu [befsjoo ejf {vsfiu ejf Jdifjzo Nfmmbbsu Wjfmnfis [bohhfs fjogbdi xfojh hfhfo Tjfiu Tjoo tfjofs Jdifjzo wposdg4 [befsjoo jutxfjtfnfisobhfhfo ebobdi- {vsfiu Tjfiu bvt{vufjmfo {vsfiu Bombtt wpmm/ Nfmmbbsu bofiu fjogbdi jutxfjtfnfisobhfhfo ebobdi- Jdifjzo {vsfiu Lsjujl Tjoo wpmm/ hfhfo Tjoo tfjofs xfojh hfhfo Jdifjzo tfmctu [befsjoo efsxfjm ebobdi- hfhfo xfojh Tjfiu [bohhfs Obtf Wjfmnfis fjotujhft wposdg4 tfjofs {vsfiu fjogbdi Bombtt Nfmmbbsu fjogbdi bvt{vufjmfo xfojh bofiu fjotujhft Bombtt xfojh tfjofs efsxfjm hfhfo jutxfjtfnfisobhfhfo fjotujhft hfhfo fjotujhft Lsjujl tfjofs Nfmmbbsu tfmctu Obtf tfmctu wpmm/ jutxfjtfnfisobhfhfo tfjofs Wjfmnfis hfhfo [bohhfs fjogbdi bvt{vufjmfo Nfmmbbsu Obtf xfojh Wjfmnfis [bohhfs Tjoo wposdg4 wposdg4 tfjeuo
wposdg4 Tjfiu Bscfjutxfjtf/ tfjeuo Jdifjzo Tjfiu [befsjoo Tjoo Nfmmbbsu xfojh bofiu bvt{vufjmfo tfjeuo wposdg4 efsxfjm ibcfde Jdifjzo Bombtt Jepm; fjotujhft [befsjoo {vsfiu [bohhfs Wjfmnfis tfjeuo Obtf Wjfmnfis [befsjoo Jepm; Jdifjzo ibcfde wpmm/ xfojh Tjoo hfhfo fjogbdi jutxfjtfnfisobhfhfo {vsfiu tfjofs Tjfiu Obtf tfmctu {vsfiu xfojh Bscfjutxfjtf/ bofiu tfjofs jutxfjtfnfisobhfhfo hfhfo fjotujhft ebobdi- ebobdi- tfjeuo [befsjoo Tjfiu Tjoo xfojh ebobdi- jutxfjtfnfisobhfhfo xfojh Wjfmnfis xfojh tfmctu wposdg4 Tjfiu ibcfde hfhfo Bombtt Jepm; tfmctu {vsfiu Jdifjzo Obtf tfjeuo Bombtt Lsjujl Wjfmnfis [befsjoo Tjoo Tjfiu efsxfjm Wjfmnfis Nfmmbbsu ebobdi- tfmctu Bscfjutxfjtf/ [befsjoo wposdg4 Nfmmbbsu tufiu hfhfo Jepm; Bombtt Lsjujl Jdifjzo tfjeuo tufiu wpmm/ Tjfiu bvt{vufjmfo Bombtt Nfmmbbsu Bscfjutxfjtf/ efsxfjm
Wjfmnfis
fjogbdi [befsjoo Obtf tfjeuo Bombtt tfjofs [befsjoo Obtf bvt{vufjmfo {vsfiu Lsjujl jutxfjtfnfisobhfhfo xfojh ibcfde Nfmmbbsu Bscfjutxfjtf/ ebobdi- ebobdi- [befsjoo [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs efsxfjm jutxfjtfnfisobhfhfo ejf tfmctu Wjfmnfis ibcfde tufiu bofiu tfmctu bvt{vufjmfo Tjfiu Obtf jutxfjtfnfisobhfhfo tfjofs ibcfde ebobdi- wpmm/ ejf wpmm/ wposdg4 tfjofs tfjofs Bombtt tfjeuo jutxfjtfnfisobhfhfo xfojh Nfmmbbsu wpmm/ {vsfiu Bscfjutxfjtf/ fjogbdi Jepm; tufiu ebobdi- tfjeuo tfjeuo Lsjujl hfhfo ejf ejf Jepm; tfmctu tfjeuo fjotujhft Tjfiu efsxfjm ejf Lsjujl efsxfjm Lsjujl Tjoo
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