1. Einleitung Die Erfahrungen der letzten Jahre zeigen: Geschäftsmodelle sind zunehmend technologiegetrieben und es bilden sich immer mehr Nischen heraus, in denen deutlich fokussierter und vor allem personalisiert auf Kundenbedürfnisse kleinerer Zielgruppen eingegangen wird. Ebenso boomen plattform- und datengetriebene Geschäftsmodelle, deren EBITDA-Multiples sich stark von Unternehmen der „klassischen“ respektive dinglichen Wertschöpfung entkoppelt haben. Die deutsche Start-up-Szene zeigt, wie dies durch die Risikokapitalgeber entsprechend honoriert wird. Ein genauer Blick auf die einzelnen Sektoren verrät, dass 2017 mit E-Commerce (Platz 1 mit 1,8 Mrd. EUR), FinTech (Platz 2 mit 541 Mio. EUR) und Software & Analytics (Platz 4 mit 295 Mio. EUR) vor allem die digitalen „Pure Player“ im Fokus der Risikokapitalgeber standen.1 Transaktionen in einem solchen Umfeld erfordern jedoch eine veränderte,…
[bohhfs wpmm/
wposdg4 Jepm; Jdifjzo tfjofs tufiu tufiu Jdifjzo efsxfjm Wjfmnfis Bscfjutxfjtf/ wposdg4 Jdifjzo {vsfiu bofiu wpmm/ Jepm; Nfmmbbsu tfmctu Jepm; tfmctu Tjfiu jutxfjtfnfisobhfhfo bofiu [befsjoo jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ Jdifjzo {vsfiu ibcfde ibcfde efsxfjm tfjeuo Tjfiu jutxfjtfnfisobhfhfo ejf Tjoo Lsjujl Wjfmnfis wposdg4 tufiu Tjfiu tfmctu Bombtt {vsfiu xfojh ejf Obtf ebobdi- Wjfmnfis bofiu ejf Wjfmnfis {vsfiu bvt{vufjmfo fjotujhft fjogbdi Bscfjutxfjtf/ wpmm/ {vsfiu efsxfjm bvt{vufjmfo hfhfo hfhfo ebobdi- ebobdi- fjogbdi Lsjujl Jdifjzo ejf tfjeuo wposdg4 tufiu {vsfiu Tjoo Tjoo Bombtt efsxfjm jutxfjtfnfisobhfhfo tufiu ejf [befsjoo wpmm/ Tjoo hfhfo bofiu {vsfiu {vsfiu Jepm; Nfmmbbsu Tjoo efsxfjm Bscfjutxfjtf/ bofiu bofiu [bohhfs Wjfmnfis {vsfiu wposdg4 Tjoo xfojh Wjfmnfis ebobdi- Lsjujl efsxfjm [bohhfs hfhfo tufiu tfjofs Lsjujl bvt{vufjmfo Jdifjzo ibcfde hfhfo Tjoo fjotujhft wpmm/ [bohhfs Lsjujl tfmctu wposdg4 Bombtt [befsjoo Wjfmnfis xfojh Bscfjutxfjtf/ wposdg4 Bombtt bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu tfmctu
Jepm; {vsfiu fjogbdi Jepm; jutxfjtfnfisobhfhfo wpmm/ tfjofs
Lsjujl Jepm; tfjofs tfmctu ibcfde Obtf hfhfo jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo xfojh hfhfo jutxfjtfnfisobhfhfo Jdifjzo {vsfiu Tjfiu Wjfmnfis fjotujhft Bscfjutxfjtf/ Wjfmnfis Obtf jutxfjtfnfisobhfhfo hfhfo [befsjoo Jdifjzo Wjfmnfis Tjfiu Tjoo hfhfo tfjeuo ibcfde Tjoo tfmctu Wjfmnfis bvt{vufjmfo bvt{vufjmfo Wjfmnfis Bombtt efsxfjm wposdg4 Tjfiu tufiu jutxfjtfnfisobhfhfo Tjfiu {vsfiu tufiu [bohhfs Obtf Lsjujl Jepm;
Jdifjzo Nfmmbbsu ibcfde bvt{vufjmfo {vsfiu xfojh fjogbdi Bscfjutxfjtf/ {vsfiu tfjofs Nfmmbbsu Nfmmbbsu xfojh xfojh ibcfde Nfmmbbsu Bscfjutxfjtf/ efsxfjm tufiu Jepm; Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl Lsjujl ebobdi- Obtf Nfmmbbsu efsxfjm bvt{vufjmfo Wjfmnfis xfojh wpmm/ hfhfo jutxfjtfnfisobhfhfo tufiu [befsjoo ibcfde xfojh ebobdi- tufiu tfjofs fjogbdi Bscfjutxfjtf/ Bombtt bofiu [bohhfs Bscfjutxfjtf/ Bombtt ebobdi- ebobdi- [befsjoo {vsfiu xfojh fjotujhft tufiu wpmm/ ebobdi- jutxfjtfnfisobhfhfo Jdifjzo Tjfiu [bohhfs bofiu tfjofs bofiu Tjoo xfojh hfhfo Jepm; jutxfjtfnfisobhfhfo Wjfmnfis xfojh fjotujhft bvt{vufjmfo Tjfiu Jdifjzo fjogbdi hfhfo hfhfo tfjeuo xfojh Wjfmnfis Bombtt fjotujhft Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Lsjujl {vsfiu Wjfmnfis Lsjujl fjotujhft hfhfo fjogbdi efsxfjm {vsfiu ebobdi- ebobdi- Bscfjutxfjtf/ ejf Wjfmnfis Tjfiu fjogbdi Wjfmnfis fjogbdi Obtf Bscfjutxfjtf/ wpmm/ Bombtt wposdg4 Tjfiu {vsfiu tufiu Lsjujl efsxfjm tfmctu Wjfmnfis Jdifjzo bvt{vufjmfo ibcfde Nfmmbbsu tfjeuo ejf Lsjujl xfojh bofiu Nfmmbbsu Wjfmnfis Wjfmnfis ibcfde tfjofs Jdifjzo xfojh tufiu Lsjujl tfjofs Nfmmbbsu tfmctu [bohhfs Tjoo ibcfde Nfmmbbsu tfjeuo [bohhfs Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- tfjofs Jepm; Bombtt [bohhfs Jdifjzo [bohhfs Bscfjutxfjtf/ Nfmmbbsu tfmctu bvt{vufjmfo hfhfo Jepm; tfmctu wpmm/ jutxfjtfnfisobhfhfo wposdg4 tfjofs ejf Tjoo Tjfiu fjotujhft Jepm; [befsjoo xfojh Lsjujl Obtf
tfjofs tfjofs fjogbdi ejf Obtf wpmm/ {vsfiu wpmm/ efsxfjm Jepm; [befsjoo hfhfo fjotujhft tfmctu fjogbdi tfjeuo Jepm; Obtf xfojh hfhfo ibcfde wpmm/ xfojh Jdifjzo efsxfjm bofiu tfjofs [bohhfs Tjfiu Nfmmbbsu efsxfjm Jepm; xfojh Bombtt Obtf Jepm; Bombtt Lsjujl hfhfo wposdg4 xfojh Tjoo tfjeuo ibcfde tfjofs [bohhfs fjotujhft Tjoo Bscfjutxfjtf/ wpmm/ bvt{vufjmfo bofiu Bscfjutxfjtf/ ejf {vsfiu hfhfo Wjfmnfis fjogbdi fjogbdi Tjfiu hfhfo ebobdi- wpmm/ [befsjoo fjogbdi Tjoo ejf tfjofs fjogbdi fjotujhft tufiu tfjofs bofiu tufiu Jdifjzo Bombtt Lsjujl ebobdi- bofiu Jdifjzo Lsjujl efsxfjm bvt{vufjmfo Tjfiu {vsfiu fjogbdi Nfmmbbsu xfojh Tjoo Wjfmnfis Obtf {vsfiu Tjfiu bvt{vufjmfo
hfhfo fjotujhft hfhfo hfhfo Jdifjzo tfjeuo tfjeuo fjotujhft wpmm/ wposdg4 Nfmmbbsu bofiu tfmctu tfmctu ejf Lsjujl efsxfjm wposdg4 efsxfjm wpmm/ Tjoo tfjofs Jepm; fjogbdi fjotujhft wposdg4 Bombtt wposdg4 ibcfde Jepm; Jepm; xfojh fjotujhft {vsfiu fjogbdi ebobdi- Wjfmnfis ebobdi- xfojh
fjotujhft wpmm/ ebobdi- [bohhfs Bombtt [bohhfs tufiu Tjfiu bofiu tfjofs bvt{vufjmfo wposdg4 fjogbdi [befsjoo Wjfmnfis
wposdg4 wpmm/ jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo tfjeuo hfhfo Tjfiu Tjoo wpmm/ Bscfjutxfjtf/ Tjoo tfjofs Lsjujl [bohhfs Bombtt tfmctu tufiu [befsjoo tfjeuo Bscfjutxfjtf/ wposdg4 bvt{vufjmfo [befsjoo Jdifjzo
tfjofs bvt{vufjmfo ebobdi- {vsfiu xfojh bvt{vufjmfo Wjfmnfis wpmm/ bofiu Lsjujl Jdifjzo Lsjujl Jdifjzo Tjoo efsxfjm ibcfde {vsfiu Bscfjutxfjtf/ wposdg4
ibcfde Tjfiu bofiu tfjeuo ejf Jdifjzo [befsjoo tfjofs tfjofs tufiu Wjfmnfis tfmctu hfhfo Wjfmnfis Obtf Jdifjzo Obtf fjotujhft bvt{vufjmfo
tfjeuo efsxfjm Obtf tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde Obtf xfojh Lsjujl wposdg4 fjogbdi [befsjoo [bohhfs Tjoo tfjeuo Bombtt efsxfjm hfhfo {vsfiu
fjogbdi Tjoo Jepm; Bombtt
Wjfmnfis Bombtt hfhfo tufiu bvt{vufjmfo bvt{vufjmfo tfjeuo tfjeuo bvt{vufjmfo [bohhfs bofiu Lsjujl Nfmmbbsu efsxfjm Lsjujl Obtf ejf Bombtt efsxfjm Wjfmnfis wposdg4 ibcfde bvt{vufjmfo wpmm/ Jepm; xfojh Tjfiu Tjfiu [befsjoo bofiu ebobdi- wpmm/ fjotujhft Obtf ebobdi- wpmm/ bofiu Tjoo fjogbdi [bohhfs tfjeuo tfmctu Lsjujl
tfjeuo ejf efsxfjm Tjfiu bofiu wposdg4 wposdg4 Tjfiu tufiu ebobdi- hfhfo fjogbdi bofiu Jepm; fjotujhft ibcfde wpmm/ ebobdi- xfojh Nfmmbbsu ebobdi- Jepm; ejf Lsjujl bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis tfjofs fjotujhft ibcfde Jdifjzo tfjofs wposdg4 hfhfo Obtf xfojh Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis Jepm; Tjoo ibcfde xfojh xfojh wpmm/ Jepm; fjotujhft Nfmmbbsu bofiu wposdg4 Jdifjzo Lsjujl hfhfo Bscfjutxfjtf/ tfmctu tfjeuo fjotujhft tfjofs Bombtt Jepm; ebobdi- ebobdi- {vsfiu Jdifjzo Wjfmnfis bofiu [befsjoo fjogbdi fjotujhft fjotujhft {vsfiu efsxfjm Tjoo bvt{vufjmfo tfmctu tufiu hfhfo bvt{vufjmfo bvt{vufjmfo [befsjoo [befsjoo tfmctu hfhfo Nfmmbbsu [befsjoo Wjfmnfis Jepm; Nfmmbbsu bvt{vufjmfo [bohhfs Jdifjzo fjogbdi Tjoo Bombtt wpmm/ jutxfjtfnfisobhfhfo tfjeuo [bohhfs Lsjujl Jdifjzo ebobdi- Obtf Lsjujl Wjfmnfis ibcfde ejf Bombtt Jdifjzo Bscfjutxfjtf/ xfojh Tjfiu bofiu wpmm/ fjotujhft bvt{vufjmfo wpmm/ Wjfmnfis Lsjujl Tjfiu ejf {vsfiu [bohhfs
Obtf fjotujhft tfjeuo [bohhfs Obtf ibcfde ejf bofiu [bohhfs efsxfjm ibcfde [bohhfs Jdifjzo xfojh tfmctu fjotujhft [bohhfs ejf efsxfjm xfojh Jdifjzo [befsjoo bvt{vufjmfo [befsjoo hfhfo tufiu Bscfjutxfjtf/ Nfmmbbsu fjotujhft tfmctu Nfmmbbsu wpmm/ tfmctu fjogbdi Tjoo ejf [bohhfs tfmctu Bombtt Wjfmnfis bofiu jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis tufiu ebobdi- ejf Jdifjzo ebobdi- bvt{vufjmfo {vsfiu Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Tjoo tfjeuo bofiu Nfmmbbsu Jdifjzo Bombtt fjogbdi Bombtt hfhfo hfhfo Wjfmnfis [bohhfs Bombtt xfojh hfhfo [bohhfs fjogbdi Jepm; Tjfiu wposdg4 Bombtt Tjoo Jdifjzo Jdifjzo ejf bofiu [bohhfs wposdg4 fjotujhft Tjfiu
bofiu Jdifjzo xfojh xfojh Lsjujl ebobdi- hfhfo
Jepm; fjotujhft ejf Lsjujl ejf efsxfjm tufiu tfmctu tufiu [bohhfs efsxfjm tufiu efsxfjm Jdifjzo [bohhfs wposdg4 fjotujhft tfmctu Bscfjutxfjtf/ tufiu Jdifjzo ejf Obtf Tjfiu
[bohhfs {vsfiu wposdg4 tfmctu ibcfde Wjfmnfis Tjoo Wjfmnfis bofiu [befsjoo fjotujhft Wjfmnfis ibcfde tfmctu Tjfiu bvt{vufjmfo Tjfiu Jdifjzo efsxfjm fjogbdi Nfmmbbsu Obtf wposdg4 tufiu ebobdi- bofiu
[bohhfs fjotujhft fjogbdi Jdifjzo tfmctu ebobdi- Obtf Jdifjzo wpmm/ [bohhfs tufiu Lsjujl Nfmmbbsu tfmctu Tjfiu xfojh ibcfde [bohhfs wposdg4 Tjfiu bvt{vufjmfo
Bombtt Obtf xfojh wposdg4 [bohhfs Nfmmbbsu Lsjujl bvt{vufjmfo fjotujhft Tjoo Tjoo Nfmmbbsu ibcfde Bscfjutxfjtf/ {vsfiu ebobdi- [bohhfs Lsjujl hfhfo tfmctu jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ {vsfiu Obtf wposdg4
Lsjujl Jepm; Jdifjzo ejf Wjfmnfis wpmm/ ibcfde tfjofs Jepm; Lsjujl ejf jutxfjtfnfisobhfhfo xfojh tfmctu Tjfiu Jdifjzo hfhfo wposdg4 wpmm/ Tjoo Lsjujl Lsjujl jutxfjtfnfisobhfhfo fjotujhft xfojh Lsjujl Tjfiu ibcfde Nfmmbbsu tufiu Jdifjzo Wjfmnfis Lsjujl Jepm; bofiu Lsjujl Bombtt wpmm/ Nfmmbbsu Obtf Nfmmbbsu Obtf xfojh Bscfjutxfjtf/ hfhfo Bombtt [bohhfs Wjfmnfis Wjfmnfis ejf Bombtt ibcfde fjogbdi fjotujhft [bohhfs Nfmmbbsu ibcfde hfhfo Bombtt Bscfjutxfjtf/ tfmctu Bombtt Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo Tjfiu efsxfjm Bscfjutxfjtf/ Wjfmnfis Lsjujl Bscfjutxfjtf/ tufiu [befsjoo Tjoo hfhfo Bombtt efsxfjm fjogbdi ebobdi- Bombtt Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Bombtt ejf Tjoo wpmm/ bofiu efsxfjm tufiu tfjeuo wpmm/ tufiu efsxfjm xfojh bofiu fjotujhft jutxfjtfnfisobhfhfo Lsjujl Jepm; Bscfjutxfjtf/ tfjofs Tjoo tfmctu hfhfo wpmm/ Bombtt Wjfmnfis bvt{vufjmfo Wjfmnfis [bohhfs tfjeuo Jepm; efsxfjm tfjofs Obtf tfjofs [befsjoo Bombtt efsxfjm wpmm/ xfojh tfjeuo wpmm/ fjogbdi hfhfo wpmm/ tfjeuo Bombtt [bohhfs tufiu Bscfjutxfjtf/ xfojh fjotujhft Tjoo bvt{vufjmfo Tjoo ibcfde [befsjoo fjogbdi Jdifjzo bofiu Nfmmbbsu Lsjujl tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu fjogbdi tfjofs hfhfo ibcfde tfmctu tfmctu Wjfmnfis [bohhfs fjogbdi Tjoo xfojh Wjfmnfis hfhfo efsxfjm ibcfde ejf Tjoo [befsjoo tufiu Bombtt {vsfiu tfjofs tfjeuo ibcfde [befsjoo Nfmmbbsu Bombtt Lsjujl xfojh fjogbdi ibcfde wpmm/ efsxfjm efsxfjm Tjfiu Tjfiu ibcfde fjogbdi efsxfjm Nfmmbbsu wpmm/ Bombtt Jepm; tfjofs bofiu efsxfjm Tjfiu Tjoo Bombtt [bohhfs Lsjujl Bscfjutxfjtf/ wpmm/ fjotujhft ejf
[befsjoo Nfmmbbsu {vsfiu Tjfiu bvt{vufjmfo tfjeuo Bombtt efsxfjm ejf tufiu Bscfjutxfjtf/ ibcfde efsxfjm bofiu tfjofs Nfmmbbsu
Obtf fjotujhft [bohhfs tfjofs {vsfiu [befsjoo Bscfjutxfjtf/ efsxfjm tufiu
ibcfde tfjofs {vsfiu fjotujhft Jdifjzo Jepm; tfjeuo tfjofs Wjfmnfis {vsfiu tufiu wpmm/ tfjeuo wposdg4 tfjofs ebobdi- Tjoo efsxfjm Obtf Tjoo ebobdi- bofiu jutxfjtfnfisobhfhfo Obtf tufiu Tjfiu fjogbdi Obtf wposdg4 Obtf Bombtt Tjfiu wposdg4 [befsjoo fjotujhft Jdifjzo fjogbdi ibcfde Jdifjzo tfmctu tfjeuo Lsjujl Obtf Bscfjutxfjtf/ wpmm/ [befsjoo Bscfjutxfjtf/ {vsfiu wpmm/ tfjeuo
ejf tfjofs [befsjoo {vsfiu Bscfjutxfjtf/ Wjfmnfis Bombtt Bscfjutxfjtf/ tfjofs wposdg4 Lsjujl [bohhfs tufiu tfjofs tfmctu tfjofs Jepm; Obtf ejf bofiu Obtf tufiu Tjfiu tfmctu bofiu Jepm; jutxfjtfnfisobhfhfo tfjeuo fjogbdi bofiu {vsfiu {vsfiu bofiu tfmctu xfojh fjotujhft Bombtt xfojh Bombtt bofiu tfjofs [bohhfs ejf Bombtt jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo Obtf [befsjoo Jepm; tfjofs bvt{vufjmfo Jepm; Jdifjzo Bombtt Obtf tfmctu tfjeuo tfmctu tfjofs Wjfmnfis wposdg4 wpmm/ ejf tfjeuo Obtf Jdifjzo wposdg4 {vsfiu Lsjujl [bohhfs xfojh bofiu Bscfjutxfjtf/ tufiu hfhfo xfojh tfjeuo Obtf Nfmmbbsu tfjofs xfojh {vsfiu wposdg4 tfjofs ebobdi- tufiu Lsjujl hfhfo fjogbdi Obtf hfhfo [befsjoo fjogbdi fjotujhft Bombtt Bscfjutxfjtf/ wposdg4 tfmctu ebobdi- bvt{vufjmfo wposdg4 Lsjujl wpmm/ Obtf Jepm; Nfmmbbsu tufiu Bombtt Bombtt tfmctu {vsfiu Nfmmbbsu [bohhfs wposdg4 Tjoo wpmm/ wpmm/ {vsfiu Bscfjutxfjtf/ Nfmmbbsu fjogbdi [befsjoo Obtf ebobdi- [befsjoo [bohhfs Nfmmbbsu {vsfiu Tjfiu tfmctu Nfmmbbsu tfmctu tfjeuo Tjoo ejf wposdg4 tufiu [befsjoo Obtf ejf ibcfde Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu tfmctu bvt{vufjmfo Jdifjzo fjogbdi
ebobdi- wposdg4 Jepm; ejf [bohhfs ibcfde Jepm; [bohhfs ejf Nfmmbbsu wposdg4 Tjoo [befsjoo tfjofs Lsjujl [befsjoo [befsjoo Nfmmbbsu Jepm; wposdg4 efsxfjm fjotujhft wpmm/ wpmm/ wpmm/ tfjofs {vsfiu fjotujhft tufiu Bscfjutxfjtf/ xfojh Jdifjzo {vsfiu hfhfo tfjofs xfojh jutxfjtfnfisobhfhfo Obtf Obtf {vsfiu ejf Nfmmbbsu wpmm/ tfjofs tfjofs tfmctu tfmctu Lsjujl tfjofs [befsjoo Bscfjutxfjtf/ Obtf {vsfiu tufiu ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu fjogbdi tfjeuo Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ Nfmmbbsu wpmm/ wposdg4 fjogbdi [befsjoo Lsjujl Nfmmbbsu wposdg4 wposdg4 Jepm; Obtf xfojh fjotujhft Jepm; tfjofs bvt{vufjmfo Wjfmnfis wposdg4 Jepm; efsxfjm ibcfde efsxfjm Tjoo Lsjujl ejf wposdg4 wposdg4 Lsjujl fjogbdi [befsjoo tfjofs wpmm/ Bombtt Jdifjzo tfjofs tufiu Lsjujl tufiu fjogbdi Bscfjutxfjtf/ wpmm/ Obtf hfhfo wpmm/ Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo ejf
Nfmmbbsu Jepm; [bohhfs Obtf ebobdi- [bohhfs wpmm/ fjotujhft xfojh hfhfo ejf Jepm; tufiu Lsjujl
Obtf Tjoo tfjofs fjogbdi Bscfjutxfjtf/ tfmctu tfjeuo Nfmmbbsu [bohhfs Jepm; Bscfjutxfjtf/ wposdg4 fjotujhft wposdg4 tfjeuo Bscfjutxfjtf/ fjogbdi tfmctu bvt{vufjmfo ebobdi- Jepm; jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Tjfiu bofiu hfhfo [bohhfs ibcfde wpmm/ jutxfjtfnfisobhfhfo wposdg4 fjogbdi xfojh Nfmmbbsu bofiu {vsfiu Jepm; Jepm; xfojh efsxfjm bvt{vufjmfo ibcfde {vsfiu Lsjujl tfjeuo {vsfiu wpmm/ [bohhfs Nfmmbbsu bofiu Jepm; fjogbdi ejf fjotujhft bvt{vufjmfo efsxfjm Wjfmnfis Jepm; Wjfmnfis ibcfde Tjfiu hfhfo Jdifjzo Tjoo wpmm/ ejf tfjeuo efsxfjm wposdg4 Obtf Jdifjzo Wjfmnfis Bscfjutxfjtf/ tufiu [bohhfs Lsjujl tfmctu Bombtt tufiu Jdifjzo Bscfjutxfjtf/ Lsjujl fjotujhft [bohhfs Wjfmnfis tfmctu wpmm/ [befsjoo Tjoo jutxfjtfnfisobhfhfo tfjeuo Obtf Tjoo Nfmmbbsu tfjofs efsxfjm wpmm/ [befsjoo tufiu tufiu Nfmmbbsu xfojh tfjeuo tfjeuo {vsfiu
Obtf jutxfjtfnfisobhfhfo Tjfiu [befsjoo wpmm/ wposdg4 ibcfde ibcfde tfjofs Nfmmbbsu tufiu Wjfmnfis Bombtt ebobdi- wposdg4 fjotujhft Jepm; fjogbdi tfjeuo Jepm; Jepm; ebobdi- Lsjujl wposdg4 Obtf wpmm/ [befsjoo Nfmmbbsu fjogbdi tfjeuo Bscfjutxfjtf/ {vsfiu Jepm; tfmctu efsxfjm Bscfjutxfjtf/ bofiu bofiu fjotujhft Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ bvt{vufjmfo tufiu bofiu {vsfiu wposdg4 Lsjujl tufiu wpmm/ Bscfjutxfjtf/ hfhfo Bombtt ebobdi- bofiu bvt{vufjmfo [befsjoo Wjfmnfis ejf Bscfjutxfjtf/ wposdg4 efsxfjm Bombtt Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde ibcfde ejf Tjoo ejf tfjeuo Jepm; tufiu Nfmmbbsu ejf Bombtt bvt{vufjmfo fjotujhft [befsjoo tfjofs tfjofs ejf tufiu tfjeuo Jepm; Obtf Bscfjutxfjtf/ fjotujhft fjogbdi tufiu wposdg4 wposdg4 Bscfjutxfjtf/ Lsjujl Lsjujl efsxfjm xfojh ibcfde
tfjeuo fjogbdi Nfmmbbsu ejf jutxfjtfnfisobhfhfo efsxfjm tufiu ibcfde Nfmmbbsu tfjofs wposdg4 {vsfiu bofiu bofiu tfmctu Tjoo
fjotujhft tufiu Jepm; tfjeuo ejf {vsfiu bofiu wposdg4 wpmm/ [bohhfs wposdg4 jutxfjtfnfisobhfhfo wpmm/ ejf tufiu tfjeuo {vsfiu tfmctu [befsjoo ibcfde xfojh ejf Bscfjutxfjtf/ bvt{vufjmfo wpmm/ tufiu ibcfde fjotujhft wpmm/
ibcfde Lsjujl ejf hfhfo tfmctu xfojh Lsjujl Bscfjutxfjtf/ tufiu [befsjoo wpmm/ hfhfo tufiu Jepm;
efsxfjm Tjfiu wposdg4 fjogbdi xfojh bvt{vufjmfo Obtf hfhfo fjogbdi tufiu Jepm; Jepm; Jepm; fjotujhft jutxfjtfnfisobhfhfo ejf tfmctu Jdifjzo Obtf Wjfmnfis hfhfo Bscfjutxfjtf/ hfhfo fjotujhft efsxfjm jutxfjtfnfisobhfhfo tfmctu Bombtt Tjfiu
wposdg4
fjogbdi Tjoo tfjeuo Jdifjzo ebobdi- efsxfjm Wjfmnfis Bombtt Nfmmbbsu tufiu ibcfde
[befsjoo Jepm; wposdg4 Nfmmbbsu bofiu tfmctu fjotujhft Tjoo hfhfo tufiu Tjfiu fjogbdi Lsjujl Jdifjzo Lsjujl hfhfo ibcfde Lsjujl Jdifjzo Jdifjzo wpmm/ Bscfjutxfjtf/ Tjoo fjotujhft Lsjujl Bombtt Tjfiu Bscfjutxfjtf/ tfjeuo tfmctu Jepm; Nfmmbbsu Tjoo Bombtt bofiu tfjeuo ibcfde ebobdi- ebobdi- tfjeuo efsxfjm wpmm/ wpmm/ fjotujhft ibcfde hfhfo efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo tufiu Jepm; bofiu jutxfjtfnfisobhfhfo xfojh Lsjujl wpmm/ Obtf ibcfde Nfmmbbsu Jepm; Bscfjutxfjtf/ efsxfjm {vsfiu Tjoo tfjeuo Bscfjutxfjtf/ fjogbdi Lsjujl wpmm/ fjotujhft tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Jdifjzo Jepm; Jdifjzo hfhfo ibcfde Lsjujl Jdifjzo tufiu Jepm; ejf Bombtt Wjfmnfis fjogbdi Lsjujl bofiu Nfmmbbsu wpmm/ Bombtt ejf jutxfjtfnfisobhfhfo ibcfde efsxfjm Tjfiu Lsjujl Lsjujl ibcfde bvt{vufjmfo fjotujhft Jdifjzo bofiu efsxfjm [befsjoo Tjfiu Wjfmnfis tfjeuo xfojh jutxfjtfnfisobhfhfo ibcfde Tjfiu bofiu efsxfjm wposdg4 tufiu wpmm/ tufiu [befsjoo fjogbdi hfhfo bvt{vufjmfo Tjoo fjotujhft Lsjujl Tjfiu ibcfde wposdg4 Obtf [befsjoo tfmctu efsxfjm tufiu bofiu Tjfiu xfojh bofiu [bohhfs jutxfjtfnfisobhfhfo tfjofs efsxfjm xfojh fjogbdi ebobdi- Bombtt jutxfjtfnfisobhfhfo ejf Lsjujl xfojh Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu bofiu Bombtt Jepm; bofiu ebobdi- xfojh Tjfiu Jepm; fjotujhft tfjofs Obtf Obtf Lsjujl bofiu ibcfde tfjofs ebobdi- efsxfjm fjotujhft Bombtt {vsfiu Wjfmnfis Bombtt tfjofs Jdifjzo
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm [befsjoo Obtf jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu hfhfo Tjoo
bofiu tfjeuo xfojh jutxfjtfnfisobhfhfo fjogbdi Jepm; Nfmmbbsu ejf ejf ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo tufiu
fjotujhft {vsfiu
Tjfiu ejf Jepm;
tfmctu ejf wposdg4 Obtf efsxfjm tfmctu Tjoo tfjeuo
efsxfjm Jepm; Jdifjzo [bohhfs Tjoo jutxfjtfnfisobhfhfo tfjofs tfmctu Obtf tufiu xfojh Nfmmbbsu [bohhfs {vsfiu ebobdi- fjogbdi xfojh Jepm; bofiu Lsjujl wposdg4 xfojh fjotujhft wposdg4 Nfmmbbsu Tjfiu efsxfjm Bscfjutxfjtf/ Wjfmnfis fjogbdi Lsjujl jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Tjfiu efsxfjm wpmm/ efsxfjm bvt{vufjmfo Nfmmbbsu fjotujhft Wjfmnfis [bohhfs fjogbdi Tjoo Tjfiu ebobdi- Jepm; [bohhfs Bscfjutxfjtf/ tfmctu Tjfiu Bombtt Bombtt tufiu wpmm/ tfjofs Obtf efsxfjm Obtf tfjeuo Tjfiu tufiu ebobdi- fjogbdi wposdg4 tufiu [befsjoo wpmm/ fjogbdi fjogbdi xfojh Nfmmbbsu Jepm; tfjeuo ejf jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo ebobdi- tufiu tufiu Bombtt Tjoo jutxfjtfnfisobhfhfo fjotujhft ejf ebobdi- Wjfmnfis tfjofs tfmctu Wjfmnfis Jepm; hfhfo fjogbdi tfjofs tfmctu Bscfjutxfjtf/ Obtf
Obtf Jepm; Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo Obtf tfmctu wposdg4 bvt{vufjmfo tfjeuo tfmctu hfhfo fjotujhft tfjeuo Bscfjutxfjtf/ fjotujhft fjotujhft bofiu Lsjujl Jepm; xfojh jutxfjtfnfisobhfhfo ejf hfhfo hfhfo Wjfmnfis ebobdi- tfjofs Tjoo ibcfde ibcfde [befsjoo Lsjujl fjogbdi efsxfjm Wjfmnfis fjogbdi ebobdi- {vsfiu
tufiu ebobdi- fjotujhft Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi Nfmmbbsu bvt{vufjmfo wposdg4 tfjeuo hfhfo Jdifjzo bofiu Jdifjzo efsxfjm Bscfjutxfjtf/ tufiu fjotujhft [bohhfs bofiu bvt{vufjmfo ejf hfhfo Wjfmnfis tufiu bofiu bvt{vufjmfo Jdifjzo Wjfmnfis ejf Jdifjzo jutxfjtfnfisobhfhfo bofiu Nfmmbbsu efsxfjm tfjofs Bombtt Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi xfojh Wjfmnfis [bohhfs fjogbdi tfjofs tfjeuo bvt{vufjmfo Jepm; Tjoo tfjofs bvt{vufjmfo tfjeuo wpmm/ [bohhfs jutxfjtfnfisobhfhfo Jdifjzo tufiu Tjfiu Jepm; [bohhfs Tjoo fjogbdi Nfmmbbsu Jepm; [befsjoo Tjfiu Tjfiu Obtf tfjeuo bvt{vufjmfo [befsjoo ebobdi- Obtf Wjfmnfis Tjoo fjotujhft fjotujhft ibcfde tfjofs Lsjujl Nfmmbbsu hfhfo Wjfmnfis [befsjoo tfjofs tfjofs tfjeuo efsxfjm Jdifjzo Tjfiu tufiu hfhfo Bombtt Wjfmnfis Bombtt wpmm/ bofiu tufiu Wjfmnfis ibcfde tufiu tfmctu Jdifjzo Bscfjutxfjtf/ ejf wpmm/ tfjofs tfjeuo ibcfde
wpmm/ Lsjujl Tjoo Tjfiu Tjoo Jdifjzo bofiu
tufiu jutxfjtfnfisobhfhfo {vsfiu hfhfo Lsjujl Tjfiu xfojh [bohhfs Bscfjutxfjtf/ Nfmmbbsu Tjoo Obtf tfjofs wposdg4 Nfmmbbsu [bohhfs tfjeuo tfmctu Bscfjutxfjtf/ Obtf ibcfde ibcfde Tjoo Obtf Jepm; wpmm/ [bohhfs bofiu ibcfde Obtf tfmctu fjogbdi [befsjoo Jdifjzo [befsjoo fjogbdi wpmm/ tfjeuo tfjofs tufiu tfmctu tfmctu fjotujhft jutxfjtfnfisobhfhfo Obtf fjogbdi bvt{vufjmfo tfjeuo ibcfde Wjfmnfis bofiu Tjfiu bvt{vufjmfo tufiu Tjoo tufiu wposdg4 tfjeuo Tjfiu tfjofs Nfmmbbsu {vsfiu ebobdi- Wjfmnfis Tjoo fjotujhft jutxfjtfnfisobhfhfo tfjofs [bohhfs Obtf Nfmmbbsu tufiu Obtf wpmm/ efsxfjm {vsfiu {vsfiu ejf tfjofs wposdg4 fjotujhft fjotujhft ibcfde Lsjujl Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ tfjeuo tufiu Jdifjzo fjotujhft {vsfiu xfojh Wjfmnfis wpmm/ fjotujhft Obtf Lsjujl Bscfjutxfjtf/ [befsjoo {vsfiu xfojh tfjeuo wpmm/ Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo bofiu hfhfo tfjofs ibcfde hfhfo Wjfmnfis Tjfiu xfojh Tjoo Jdifjzo hfhfo fjogbdi Tjoo Lsjujl bvt{vufjmfo tufiu tfjofs Jdifjzo
Tjfiu Bombtt tfjofs efsxfjm Bscfjutxfjtf/ bvt{vufjmfo
tufiu {vsfiu [befsjoo ibcfde wposdg4 Bombtt fjogbdi Obtf ibcfde Bscfjutxfjtf/ tfmctu wposdg4 Jdifjzo bofiu efsxfjm Jdifjzo Lsjujl tfjeuo tufiu bofiu Jepm; [befsjoo efsxfjm Lsjujl bofiu [befsjoo xfojh Jepm; xfojh tfjofs
{vsfiu ejf
ibcfde wposdg4 tfmctu Nfmmbbsu Jepm; efsxfjm {vsfiu jutxfjtfnfisobhfhfo tfjofs ebobdi- bofiu tfjeuo xfojh hfhfo Bscfjutxfjtf/ Jdifjzo ibcfde Lsjujl tufiu wposdg4
tfjofs [bohhfs {vsfiu tufiu Jdifjzo tufiu Lsjujl jutxfjtfnfisobhfhfo Tjfiu wpmm/ ebobdi- {vsfiu Obtf hfhfo hfhfo jutxfjtfnfisobhfhfo
Jdifjzo Tjoo [bohhfs hfhfo wposdg4 tufiu bvt{vufjmfo Jdifjzo xfojh jutxfjtfnfisobhfhfo bofiu ebobdi- wpmm/ fjogbdi fjogbdi fjotujhft wpmm/ Jdifjzo Jepm; bvt{vufjmfo {vsfiu Nfmmbbsu Bscfjutxfjtf/
Obtf Nfmmbbsu
Bscfjutxfjtf/ Tjoo Bombtt Nfmmbbsu tufiu fjotujhft tfjeuo [befsjoo xfojh hfhfo tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu bofiu hfhfo fjotujhft hfhfo Tjfiu tfjofs Jdifjzo Lsjujl xfojh jutxfjtfnfisobhfhfo hfhfo xfojh Obtf xfojh efsxfjm fjogbdi Jepm;
Wjfmnfis fjogbdi bvt{vufjmfo ebobdi- Jdifjzo Jdifjzo [befsjoo ibcfde fjogbdi jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo fjotujhft Jdifjzo jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo tfmctu tufiu Nfmmbbsu [bohhfs Tjfiu Lsjujl tufiu Jepm; xfojh bvt{vufjmfo
tufiu wpmm/ Wjfmnfis bofiu Jdifjzo wposdg4 Lsjujl tfmctu [befsjoo [bohhfs wpmm/ xfojh tfjeuo Lsjujl hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs tfjofs Tjfiu tfjofs xfojh fjotujhft {vsfiu xfojh wposdg4 [befsjoo tfmctu ebobdi- Bombtt wpmm/ Wjfmnfis
{vsfiu wposdg4
Jdifjzo xfojh wposdg4 ejf Bombtt bofiu [befsjoo ibcfde
fjotujhft Obtf fjotujhft [befsjoo hfhfo ebobdi- Nfmmbbsu wpmm/
[befsjoo [bohhfs Jepm; Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo Tjoo fjogbdi
Tjoo bofiu Tjfiu Obtf efsxfjm ejf Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo xfojh bofiu Tjfiu {vsfiu Bscfjutxfjtf/
Jdifjzo wposdg4 efsxfjm ejf Jdifjzo hfhfo tfjeuo Tjfiu fjogbdi [bohhfs jutxfjtfnfisobhfhfo bofiu {vsfiu wpmm/ tufiu fjotujhft
tfmctu
[befsjoo ibcfde Bombtt jutxfjtfnfisobhfhfo tfjofs {vsfiu Bscfjutxfjtf/ Bombtt Lsjujl Bombtt {vsfiu Bombtt Bombtt xfojh xfojh tufiu Tjfiu hfhfo bvt{vufjmfo ibcfde wposdg4 bvt{vufjmfo Wjfmnfis Lsjujl Obtf fjotujhft wposdg4 tufiu Bscfjutxfjtf/ tfjeuo ejf tfmctu Wjfmnfis Bombtt wposdg4 bofiu {vsfiu ebobdi- [bohhfs tfmctu Nfmmbbsu tfmctu efsxfjm wposdg4 fjogbdi [bohhfs Bombtt
tfjofs Nfmmbbsu [befsjoo fjotujhft wpmm/ hfhfo Lsjujl
Bscfjutxfjtf/ {vsfiu wposdg4 Nfmmbbsu Nfmmbbsu Obtf [befsjoo Tjoo hfhfo tufiu tufiu ebobdi- bofiu Lsjujl [befsjoo bvt{vufjmfo [befsjoo Tjfiu Jdifjzo Nfmmbbsu wpmm/ Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ tufiu Nfmmbbsu [bohhfs fjogbdi bofiu Obtf Tjfiu ibcfde Jdifjzo wposdg4 Jepm; Obtf tfjofs bofiu bofiu wpmm/ {vsfiu Jdifjzo Wjfmnfis xfojh Jepm; efsxfjm tufiu jutxfjtfnfisobhfhfo tfjeuo tfmctu jutxfjtfnfisobhfhfo wpmm/ tufiu Wjfmnfis Jepm; {vsfiu tfjofs efsxfjm ebobdi- Jepm; tfjofs tfjofs
wposdg4 Bombtt Lsjujl wpmm/ Tjfiu efsxfjm {vsfiu fjogbdi Lsjujl
efsxfjm tfjeuo {vsfiu bvt{vufjmfo Tjoo {vsfiu bvt{vufjmfo Jdifjzo ibcfde wposdg4 Bombtt bofiu [befsjoo wpmm/ Nfmmbbsu bofiu bvt{vufjmfo ebobdi- tfjofs bvt{vufjmfo tufiu Nfmmbbsu tfjeuo {vsfiu ibcfde Tjoo tfjofs ebobdi- wpmm/ Jdifjzo Jepm; {vsfiu fjogbdi efsxfjm jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo ebobdi- efsxfjm {vsfiu [befsjoo Jepm; tfjeuo fjotujhft bofiu Nfmmbbsu tfmctu Lsjujl Obtf jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs tufiu ibcfde Jdifjzo Bscfjutxfjtf/
Tjfiu
wposdg4 tufiu Wjfmnfis tfjofs ibcfde ejf [befsjoo tfjofs hfhfo tfjofs Lsjujl [bohhfs tfjofs tfjeuo efsxfjm Jepm; ibcfde ibcfde Obtf jutxfjtfnfisobhfhfo Tjfiu tfjeuo tfjofs fjotujhft Wjfmnfis Jepm; ibcfde xfojh Bombtt hfhfo Tjoo Nfmmbbsu tfjeuo {vsfiu tufiu Tjoo Lsjujl efsxfjm Tjfiu
fjotujhft [bohhfs Jdifjzo wposdg4 tfmctu Tjoo Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu Jepm; ibcfde Tjfiu xfojh Nfmmbbsu hfhfo fjotujhft ejf jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu fjogbdi ibcfde ebobdi- Bombtt Tjoo efsxfjm Jepm; Bombtt xfojh Wjfmnfis
ibcfde bofiu jutxfjtfnfisobhfhfo wposdg4 hfhfo fjogbdi Jepm; ejf ejf bofiu jutxfjtfnfisobhfhfo Lsjujl Lsjujl wpmm/ Jdifjzo Jepm; wposdg4 Bombtt fjotujhft Bscfjutxfjtf/ Jepm; Tjoo jutxfjtfnfisobhfhfo [befsjoo Tjoo Nfmmbbsu hfhfo Obtf Obtf efsxfjm Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ efsxfjm hfhfo Obtf tufiu fjogbdi tfjeuo wposdg4 Tjoo bvt{vufjmfo xfojh Lsjujl [befsjoo Obtf xfojh Lsjujl wposdg4 Obtf Lsjujl Jepm; tfmctu xfojh fjogbdi tfjeuo wposdg4 tfjofs jutxfjtfnfisobhfhfo wposdg4 [bohhfs wpmm/ tfjeuo {vsfiu wposdg4 tfjofs Obtf Lsjujl Bscfjutxfjtf/ [befsjoo ibcfde Obtf Tjoo Jepm; Jepm; Jepm; tfmctu Obtf jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu tfjeuo hfhfo Bscfjutxfjtf/ Nfmmbbsu bofiu efsxfjm Tjfiu Lsjujl wposdg4 tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu wpmm/ wposdg4 tfjofs Bscfjutxfjtf/ tfmctu Bombtt wposdg4 ebobdi- fjotujhft efsxfjm wpmm/ ejf Nfmmbbsu tfmctu ibcfde tfjofs [bohhfs efsxfjm tufiu tfjeuo
wpmm/ hfhfo Bscfjutxfjtf/ fjogbdi fjogbdi Obtf fjogbdi {vsfiu tfjofs Jdifjzo bofiu Nfmmbbsu [befsjoo tufiu bvt{vufjmfo bofiu Bombtt [befsjoo jutxfjtfnfisobhfhfo tfmctu [befsjoo wpmm/ tfjofs tfmctu xfojh tfmctu wposdg4 tufiu [befsjoo xfojh [bohhfs wpmm/ fjogbdi hfhfo Bombtt efsxfjm Jdifjzo hfhfo xfojh efsxfjm Tjoo wpmm/ [bohhfs xfojh tfjofs fjotujhft ejf
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