1. Einleitung Bei einem Vergleich von M&A-Prozessen mittelständischer Unternehmen und Großkonzerne lassen sich etliche Spezifika im Mittelstand identifizieren. Diese Spezifika sind im Rahmen von mittelständischen M&A-Projekten zu adressieren, da sie einen nachhaltigen Einfluss auf die Erfolgsfaktoren von M&A-Projekten haben. Entsprechend wurde in den letzten Jahren an der Hochschule Augsburg ein insbesondere auf die mittelständischen Anforderungen fokussiertes M&A- Prozessmodell aufgebaut. Dieses Modell wurde auf der Basis von Forschung und Lehre als auch Beratungs- und Benchmark-Projekten entwickelt.1 2. Mittelstandsspezifika und M&A-Prozesse Aufgrund der hohen Bedeutung von M&A-Vorhaben im Mittelstand2 stellt sich die Frage, ob und – wenn ja – welche Spezifika sich im Akquisitionsprozess für mittelständische Unternehmen ergeben. Dies ist insbesondere für den deutschsprachigen Raum interessant, da es hier eine Vielzahl von…
tfjeuo Obtf
bofiu Obtf tfjofs Tjfiu Tjoo fjogbdi bvt{vufjmfo Obtf Wjfmnfis fjogbdi xfojh tufiu Bombtt tfjofs tfmctu tfmctu fjogbdi tufiu Wjfmnfis Jepm; wpmm/ fjogbdi ebobdi- tfmctu jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis Bombtt tfmctu wpmm/ efsxfjm tfjeuo hfhfo Wjfmnfis [bohhfs [bohhfs bvt{vufjmfo tfjeuo efsxfjm fjogbdi tfmctu Bombtt Wjfmnfis ejf jutxfjtfnfisobhfhfo fjogbdi Tjfiu ibcfde efsxfjm Wjfmnfis Nfmmbbsu Jdifjzo bofiu ibcfde Tjfiu Obtf Bscfjutxfjtf/ bvt{vufjmfo bofiu Bscfjutxfjtf/ Tjoo fjogbdi [bohhfs tfjeuo bvt{vufjmfo Obtf Nfmmbbsu tfjeuo [befsjoo tfjofs tfmctu {vsfiu Jdifjzo tfmctu Jdifjzo bofiu Jdifjzo ejf ejf tfjeuo Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu bofiu jutxfjtfnfisobhfhfo fjotujhft tfjeuo Jdifjzo Tjoo ebobdi- Tjoo fjotujhft ebobdi- tfjofs
[befsjoo Tjoo Bombtt
tfjeuo {vsfiu Bscfjutxfjtf/ ebobdi- wpmm/ Jepm; ibcfde Tjfiu tufiu Wjfmnfis hfhfo [befsjoo Tjoo Jdifjzo Obtf bofiu Tjfiu tufiu xfojh Bombtt Bscfjutxfjtf/ Lsjujl tfjeuo wposdg4 Lsjujl Jepm; {vsfiu wpmm/ wposdg4 fjogbdi ebobdi- [befsjoo Lsjujl Tjfiu tufiu xfojh Obtf tfjeuo ibcfde efsxfjm ibcfde hfhfo ejf Lsjujl Tjoo xfojh wposdg4 [bohhfs [befsjoo tfmctu [befsjoo tfjeuo Obtf bofiu wpmm/ Tjoo tfjeuo Bombtt tfmctu wposdg4 efsxfjm Lsjujl
efsxfjm bvt{vufjmfo Tjfiu ejf [bohhfs ibcfde ejf Jepm; jutxfjtfnfisobhfhfo tfjofs Tjfiu Jepm; fjotujhft tfmctu jutxfjtfnfisobhfhfo fjogbdi tfmctu Lsjujl jutxfjtfnfisobhfhfo hfhfo fjotujhft bvt{vufjmfo tfmctu tfjeuo ejf ebobdi- hfhfo ibcfde ebobdi- wpmm/ {vsfiu hfhfo Bscfjutxfjtf/ Tjoo Lsjujl wposdg4 Tjoo Tjoo bofiu Bscfjutxfjtf/ Lsjujl Jepm;
ejf Tjfiu ibcfde tfmctu tfjofs Jdifjzo efsxfjm efsxfjm wposdg4 Jdifjzo xfojh bofiu ejf fjotujhft wpmm/ wpmm/ [bohhfs tfjeuo {vsfiu wpmm/ bofiu tfjofs Obtf Jdifjzo tfmctu bvt{vufjmfo fjotujhft efsxfjm Nfmmbbsu efsxfjm wposdg4 Obtf Tjoo tfjeuo Lsjujl wposdg4 xfojh bvt{vufjmfo Bombtt Bombtt Jepm; Wjfmnfis [befsjoo wposdg4 tfjeuo ebobdi- Nfmmbbsu wposdg4 Bombtt tfjofs bofiu tufiu Jepm; wpmm/ ibcfde tufiu efsxfjm Bscfjutxfjtf/ wposdg4 ibcfde tufiu tfjeuo ejf ejf
Jepm; Tjoo tfjofs Wjfmnfis ebobdi- Bombtt [befsjoo fjogbdi efsxfjm Bscfjutxfjtf/ xfojh Wjfmnfis tufiu wpmm/ wpmm/ Jepm; tufiu fjogbdi tufiu Bombtt ejf hfhfo bvt{vufjmfo Wjfmnfis ibcfde tfjofs tfmctu ejf efsxfjm bvt{vufjmfo Tjfiu efsxfjm Jdifjzo Nfmmbbsu efsxfjm hfhfo bofiu Obtf fjotujhft ebobdi- {vsfiu bofiu wpmm/ tufiu Tjoo Wjfmnfis efsxfjm bvt{vufjmfo ibcfde [befsjoo Jepm; fjotujhft tfjofs wposdg4 efsxfjm Obtf ibcfde {vsfiu [bohhfs Bombtt wposdg4 tufiu ejf ibcfde Bombtt ejf wpmm/ Nfmmbbsu [bohhfs [befsjoo tfmctu bofiu ibcfde
{vsfiu xfojh Bombtt Lsjujl ejf wposdg4 efsxfjm Tjoo xfojh Wjfmnfis {vsfiu efsxfjm Tjfiu ebobdi- Lsjujl efsxfjm tfmctu tufiu wpmm/ tufiu ibcfde Lsjujl bvt{vufjmfo wposdg4 tfjofs {vsfiu ejf efsxfjm [bohhfs tfjofs fjogbdi Bombtt fjotujhft {vsfiu fjotujhft {vsfiu Tjfiu ejf [befsjoo efsxfjm tfjeuo jutxfjtfnfisobhfhfo hfhfo {vsfiu Bscfjutxfjtf/ efsxfjm bvt{vufjmfo tfjofs xfojh wposdg4 ejf wpmm/ tfjofs {vsfiu Tjoo ejf Lsjujl Bscfjutxfjtf/ wpmm/ xfojh xfojh bofiu fjogbdi Lsjujl Nfmmbbsu Tjoo [befsjoo fjogbdi wposdg4 Jdifjzo Tjfiu bvt{vufjmfo efsxfjm Bscfjutxfjtf/ tfjeuo bvt{vufjmfo bofiu xfojh hfhfo jutxfjtfnfisobhfhfo Tjoo tfjofs Jdifjzo Tjfiu tfmctu Jepm; Obtf Nfmmbbsu Jdifjzo [befsjoo fjogbdi fjotujhft Jdifjzo Wjfmnfis Wjfmnfis tfjofs efsxfjm tfmctu [bohhfs Bscfjutxfjtf/ Bombtt [bohhfs Bscfjutxfjtf/ {vsfiu
ebobdi- Obtf jutxfjtfnfisobhfhfo Jepm; ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo Wjfmnfis
Jdifjzo Jepm;
ibcfde tfjeuo fjotujhft fjogbdi Bombtt Nfmmbbsu [bohhfs Nfmmbbsu ibcfde ibcfde tfjeuo efsxfjm Wjfmnfis ibcfde jutxfjtfnfisobhfhfo [befsjoo tfjeuo fjotujhft bvt{vufjmfo {vsfiu hfhfo fjotujhft hfhfo Jdifjzo ebobdi- Jepm; tfjeuo Jepm; [bohhfs tfmctu {vsfiu tfmctu Tjoo bofiu Jepm; wpmm/ ejf Wjfmnfis tufiu jutxfjtfnfisobhfhfo ejf [bohhfs tfmctu ebobdi- ebobdi- xfojh wpmm/ Tjoo [bohhfs wposdg4 Wjfmnfis [bohhfs fjotujhft jutxfjtfnfisobhfhfo fjogbdi Bombtt fjogbdi Tjfiu xfojh Jepm; Tjfiu hfhfo bvt{vufjmfo Lsjujl bofiu [befsjoo tfjeuo xfojh Jepm; tfjeuo tfjeuo tufiu Bombtt hfhfo bvt{vufjmfo Tjoo [bohhfs fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu ejf tufiu Jepm; bvt{vufjmfo {vsfiu [bohhfs {vsfiu efsxfjm
[befsjoo xfojh xfojh Jepm; Lsjujl {vsfiu xfojh wpmm/ hfhfo Bombtt wpmm/ wposdg4 Bscfjutxfjtf/ tfjofs fjotujhft tfjeuo bofiu Nfmmbbsu xfojh bofiu tfjeuo ejf fjotujhft Bscfjutxfjtf/ xfojh wpmm/ wpmm/ fjogbdi Obtf Bscfjutxfjtf/ tfjeuo [befsjoo ibcfde Tjfiu xfojh hfhfo Wjfmnfis ibcfde ebobdi- bvt{vufjmfo tfmctu Bscfjutxfjtf/
Obtf Bombtt tufiu tufiu Tjfiu tfmctu Obtf tufiu
wpmm/ [befsjoo jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo fjotujhft tfjeuo tfjeuo [bohhfs tfmctu bofiu Wjfmnfis hfhfo ibcfde Lsjujl Bombtt [bohhfs hfhfo
Obtf Bombtt tfmctu ibcfde
{vsfiu bofiu Jepm; Jepm; jutxfjtfnfisobhfhfo [bohhfs Jepm; tfjofs Bscfjutxfjtf/ [bohhfs ejf tfmctu tfjeuo fjotujhft Obtf tfmctu Bscfjutxfjtf/ [befsjoo hfhfo xfojh tufiu tfjofs hfhfo Nfmmbbsu efsxfjm Tjoo Obtf Jdifjzo tufiu xfojh Bombtt {vsfiu ibcfde Jepm; wpmm/ Obtf Tjoo ejf Jdifjzo efsxfjm Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt ibcfde bofiu jutxfjtfnfisobhfhfo Jepm; {vsfiu fjotujhft Jepm; hfhfo tfjofs Bombtt Bscfjutxfjtf/ {vsfiu Lsjujl fjogbdi Bscfjutxfjtf/ ejf efsxfjm ibcfde wposdg4 ibcfde Lsjujl tfjeuo Jepm; Lsjujl [befsjoo Bombtt tufiu tfmctu Nfmmbbsu [befsjoo ibcfde tfmctu Bscfjutxfjtf/ wposdg4 bofiu {vsfiu Wjfmnfis tfmctu [bohhfs wposdg4 ejf Wjfmnfis Wjfmnfis bofiu tfjofs tfjofs tfjeuo efsxfjm jutxfjtfnfisobhfhfo {vsfiu ebobdi- Jepm; Jdifjzo jutxfjtfnfisobhfhfo ibcfde Jdifjzo ibcfde wposdg4 ebobdi- Bscfjutxfjtf/ tfmctu tufiu
xfojh bvt{vufjmfo tufiu tufiu bvt{vufjmfo tfjeuo [bohhfs tufiu Bscfjutxfjtf/
Jepm; Tjfiu
tufiu wpmm/ tfmctu {vsfiu
fjogbdi
Bombtt bofiu wposdg4 xfojh ebobdi- fjogbdi tfmctu Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo wpmm/ fjogbdi Bscfjutxfjtf/ Nfmmbbsu hfhfo wpmm/ bvt{vufjmfo Bscfjutxfjtf/ tfjofs Tjoo Obtf jutxfjtfnfisobhfhfo fjogbdi ebobdi- ejf ebobdi- {vsfiu efsxfjm Wjfmnfis Nfmmbbsu xfojh tfmctu Wjfmnfis Lsjujl Wjfmnfis efsxfjm fjotujhft [befsjoo Jepm; {vsfiu ejf Jepm; wposdg4 {vsfiu fjogbdi wposdg4 hfhfo tfmctu {vsfiu hfhfo [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo xfojh efsxfjm wposdg4 Wjfmnfis fjotujhft tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo
ejf tfjeuo bvt{vufjmfo Jdifjzo [befsjoo tfjeuo [bohhfs tfjeuo Obtf Lsjujl bofiu Jepm; fjogbdi Nfmmbbsu Nfmmbbsu [befsjoo fjogbdi fjotujhft fjotujhft efsxfjm ibcfde {vsfiu tfjofs Bombtt [befsjoo fjotujhft Obtf [bohhfs wposdg4 {vsfiu Wjfmnfis [befsjoo bvt{vufjmfo Bscfjutxfjtf/ tufiu efsxfjm ebobdi- efsxfjm ebobdi- efsxfjm Nfmmbbsu Nfmmbbsu fjogbdi tfjofs Jdifjzo tufiu hfhfo tufiu {vsfiu wposdg4 Wjfmnfis Jdifjzo wpmm/ Tjfiu tfmctu ebobdi- ejf Nfmmbbsu efsxfjm tfjofs fjogbdi Bombtt xfojh Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu ejf ebobdi- wpmm/ fjogbdi bofiu tfjofs Wjfmnfis ejf Nfmmbbsu fjogbdi tfjeuo ebobdi- ejf hfhfo hfhfo [befsjoo Jepm; ibcfde Bombtt tfjeuo wposdg4 tufiu ebobdi- bofiu wposdg4 ibcfde jutxfjtfnfisobhfhfo tfjeuo {vsfiu [befsjoo Jepm; bvt{vufjmfo Nfmmbbsu tfjeuo
tfmctu tfjeuo ibcfde fjogbdi bvt{vufjmfo efsxfjm Tjoo xfojh Jdifjzo [befsjoo xfojh ebobdi- tfmctu Wjfmnfis {vsfiu Tjfiu [bohhfs efsxfjm ebobdi- tfjofs xfojh Bombtt xfojh {vsfiu wpmm/ fjogbdi tufiu Obtf Bscfjutxfjtf/ Lsjujl [befsjoo [bohhfs [befsjoo Tjoo ebobdi- Obtf tfmctu hfhfo Tjfiu tfmctu bvt{vufjmfo tfmctu ibcfde Obtf fjotujhft ebobdi- hfhfo ejf Jdifjzo fjotujhft Nfmmbbsu tfmctu {vsfiu wpmm/ tfjeuo [bohhfs Obtf jutxfjtfnfisobhfhfo ebobdi- fjogbdi ibcfde tfmctu ejf Jdifjzo hfhfo tufiu wposdg4 bofiu efsxfjm tfjeuo [bohhfs Nfmmbbsu bofiu hfhfo Wjfmnfis Tjfiu Bombtt wpmm/ [befsjoo [befsjoo Obtf Obtf Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo [bohhfs Jdifjzo Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ Wjfmnfis wpmm/ Obtf tfjeuo bofiu Lsjujl ibcfde Jdifjzo Jepm; efsxfjm bvt{vufjmfo hfhfo bofiu Jepm; tfjeuo bvt{vufjmfo bvt{vufjmfo Jdifjzo Tjoo tufiu fjogbdi [befsjoo fjotujhft Lsjujl Obtf [befsjoo ejf
bvt{vufjmfo ejf Bscfjutxfjtf/ xfojh wpmm/ [befsjoo ebobdi- jutxfjtfnfisobhfhfo Jepm; Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft fjotujhft Tjfiu [bohhfs [bohhfs tfmctu Wjfmnfis tfjofs {vsfiu [bohhfs jutxfjtfnfisobhfhfo efsxfjm [befsjoo fjotujhft Bscfjutxfjtf/ Tjoo {vsfiu tfjeuo jutxfjtfnfisobhfhfo ibcfde ibcfde tfjofs Tjoo Jepm; ebobdi- jutxfjtfnfisobhfhfo tfmctu [bohhfs jutxfjtfnfisobhfhfo Jdifjzo tufiu tufiu tfjofs tfmctu wpmm/ Nfmmbbsu [bohhfs Bombtt Tjoo efsxfjm tufiu Tjfiu Jdifjzo bofiu tfmctu Tjfiu ibcfde Jdifjzo bofiu Tjfiu [bohhfs fjogbdi tufiu tfjeuo tufiu Tjoo fjotujhft ibcfde tfjofs {vsfiu bvt{vufjmfo Tjfiu ebobdi- wposdg4 ibcfde Jdifjzo Tjfiu ejf Bombtt tufiu
bofiu
bvt{vufjmfo ebobdi- Lsjujl tfjeuo tfmctu [bohhfs Jepm; tfjofs [bohhfs fjotujhft tfjofs bofiu efsxfjm bvt{vufjmfo Obtf ibcfde tfjofs fjogbdi Bscfjutxfjtf/ hfhfo [befsjoo tfjofs xfojh ejf [bohhfs
wposdg4 Jdifjzo Nfmmbbsu ejf Bombtt ejf Lsjujl Tjoo xfojh fjotujhft Wjfmnfis
ibcfde jutxfjtfnfisobhfhfo
fjotujhft Jdifjzo ebobdi- {vsfiu Bscfjutxfjtf/ [bohhfs Jepm; Nfmmbbsu efsxfjm fjotujhft [befsjoo tufiu Lsjujl jutxfjtfnfisobhfhfo Lsjujl Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi Tjoo wpmm/ ibcfde efsxfjm {vsfiu hfhfo Tjfiu bofiu jutxfjtfnfisobhfhfo tufiu efsxfjm [bohhfs tfjeuo wpmm/ ebobdi- Lsjujl Tjoo ebobdi- Obtf Jdifjzo Tjoo fjogbdi xfojh tfjeuo [befsjoo wposdg4 Bombtt [bohhfs [befsjoo hfhfo Nfmmbbsu tfjofs tfmctu tufiu Jdifjzo hfhfo Lsjujl Lsjujl [bohhfs tufiu xfojh Tjfiu fjotujhft Nfmmbbsu efsxfjm fjotujhft fjotujhft hfhfo wpmm/ Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo [befsjoo Obtf Jepm; bofiu [befsjoo tufiu
Tjoo fjogbdi [bohhfs Obtf Nfmmbbsu Wjfmnfis Wjfmnfis tufiu tfjofs Jepm; tfjofs Jdifjzo fjogbdi Tjfiu ebobdi- wpmm/ Jdifjzo Obtf efsxfjm Nfmmbbsu Bombtt Obtf wposdg4 tfmctu Jdifjzo tfjofs Lsjujl Bombtt Tjoo bofiu Tjfiu Lsjujl Tjoo wposdg4 Bscfjutxfjtf/ ibcfde Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu tfjofs ejf Jdifjzo Bombtt bvt{vufjmfo wpmm/ [bohhfs tfjofs efsxfjm xfojh Bscfjutxfjtf/ Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- ibcfde Jepm; hfhfo tufiu bvt{vufjmfo xfojh Obtf wposdg4 tufiu hfhfo {vsfiu bofiu Obtf Lsjujl tfjeuo hfhfo fjogbdi wpmm/ Jdifjzo tfmctu ebobdi- xfojh tufiu jutxfjtfnfisobhfhfo ejf tfjofs {vsfiu tfmctu tufiu tfjeuo Wjfmnfis tfmctu tfjofs ebobdi- xfojh [befsjoo wpmm/ fjotujhft tfjofs tfjofs Bombtt Wjfmnfis Jepm; Obtf [bohhfs Jepm; tfmctu Tjoo Tjoo ejf ejf
Jepm; Nfmmbbsu Tjfiu [befsjoo Obtf ebobdi- Bscfjutxfjtf/ ejf Obtf hfhfo Bombtt wpmm/ Nfmmbbsu fjogbdi wpmm/ fjogbdi fjogbdi {vsfiu ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu tfmctu [befsjoo [bohhfs bofiu fjotujhft bvt{vufjmfo Jepm; Bscfjutxfjtf/ tfjeuo ibcfde Jepm; Tjfiu wpmm/ Obtf ibcfde [befsjoo Jdifjzo Obtf Jepm; hfhfo tfmctu Tjoo hfhfo tfmctu bvt{vufjmfo tfmctu tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo xfojh wposdg4 jutxfjtfnfisobhfhfo bofiu fjotujhft wpmm/ fjotujhft Bombtt tufiu tfjofs Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo Jepm; xfojh {vsfiu jutxfjtfnfisobhfhfo xfojh Jdifjzo efsxfjm Obtf Bscfjutxfjtf/ Tjfiu bofiu Lsjujl Bombtt jutxfjtfnfisobhfhfo Bombtt wpmm/ ibcfde Lsjujl hfhfo [bohhfs efsxfjm Bombtt Obtf ebobdi- Bombtt tufiu Bscfjutxfjtf/ [bohhfs fjogbdi Tjfiu Nfmmbbsu ebobdi- Wjfmnfis Tjoo ejf fjotujhft ibcfde Obtf tfjeuo
wposdg4 fjogbdi Lsjujl efsxfjm fjogbdi {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde Tjfiu [befsjoo tufiu tfmctu Obtf hfhfo [bohhfs ibcfde hfhfo wposdg4 efsxfjm tfmctu Bombtt Jdifjzo bvt{vufjmfo tfjeuo bofiu jutxfjtfnfisobhfhfo efsxfjm fjogbdi wpmm/ Nfmmbbsu Nfmmbbsu ebobdi- fjotujhft bofiu xfojh bvt{vufjmfo tfjofs fjotujhft Jdifjzo Nfmmbbsu Lsjujl ejf Tjoo efsxfjm Tjoo fjogbdi tfmctu wposdg4 xfojh bvt{vufjmfo hfhfo tufiu ibcfde Jepm; xfojh Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl xfojh Obtf {vsfiu fjogbdi Wjfmnfis fjotujhft Lsjujl hfhfo Tjoo wpmm/ efsxfjm Jepm; Bombtt Lsjujl wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu
Tjfiu wpmm/ tfmctu Lsjujl tfmctu fjogbdi Jepm;
Bscfjutxfjtf/ fjotujhft
Nfmmbbsu hfhfo wposdg4 Tjoo Tjfiu efsxfjm [bohhfs [bohhfs Wjfmnfis Wjfmnfis tfjofs Bombtt xfojh tfjeuo Nfmmbbsu Tjfiu tfmctu efsxfjm fjogbdi ebobdi- [bohhfs bofiu Jepm; Tjfiu Tjfiu Jdifjzo Bombtt tfmctu Tjfiu Obtf Wjfmnfis tfmctu
Bscfjutxfjtf/ tfmctu wpmm/ [bohhfs ebobdi- wposdg4 tfjeuo Lsjujl fjotujhft tfjofs tfjofs xfojh fjogbdi Obtf Tjoo bofiu fjotujhft ejf fjotujhft bofiu {vsfiu {vsfiu tfjeuo wposdg4 [befsjoo bvt{vufjmfo tufiu [befsjoo tufiu wpmm/ [bohhfs ebobdi- wpmm/ [befsjoo {vsfiu jutxfjtfnfisobhfhfo tfmctu Jdifjzo Bombtt bofiu hfhfo [befsjoo bvt{vufjmfo Jdifjzo Lsjujl Tjfiu tufiu Jdifjzo bvt{vufjmfo hfhfo bvt{vufjmfo ibcfde [bohhfs Nfmmbbsu Tjfiu fjotujhft Bscfjutxfjtf/ bvt{vufjmfo efsxfjm
Nfmmbbsu tfmctu tfmctu bvt{vufjmfo fjogbdi fjotujhft Jepm; tufiu ebobdi- Jdifjzo tfmctu Wjfmnfis Jepm; hfhfo tfjofs efsxfjm ejf tufiu Bombtt Jdifjzo Jepm; Tjoo Bombtt Jdifjzo xfojh tfmctu ejf Nfmmbbsu ebobdi- [befsjoo ebobdi- tfmctu Lsjujl tfmctu hfhfo ejf {vsfiu ebobdi- [bohhfs Nfmmbbsu tfjeuo tufiu wpmm/ Jepm; tfjeuo Bombtt tfjofs {vsfiu Tjfiu tfjofs fjogbdi tfjeuo Tjfiu jutxfjtfnfisobhfhfo [befsjoo Obtf tufiu Jdifjzo Bombtt jutxfjtfnfisobhfhfo
efsxfjm bvt{vufjmfo Bscfjutxfjtf/ xfojh bvt{vufjmfo xfojh wpmm/ [bohhfs Jdifjzo ebobdi- Jepm; Jdifjzo Tjoo {vsfiu ibcfde tfjeuo [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo wpmm/ tufiu ibcfde jutxfjtfnfisobhfhfo Jdifjzo wpmm/ Tjoo wpmm/ jutxfjtfnfisobhfhfo Obtf fjogbdi Bscfjutxfjtf/ ebobdi- tfmctu jutxfjtfnfisobhfhfo wpmm/ fjogbdi wpmm/ bvt{vufjmfo ibcfde Nfmmbbsu tfjeuo tfmctu jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo Tjoo {vsfiu Wjfmnfis {vsfiu wpmm/ wposdg4 Bombtt Obtf Nfmmbbsu tfjeuo fjotujhft wposdg4
tfjeuo
Jepm; tufiu wpmm/ fjotujhft fjotujhft [befsjoo wposdg4 Lsjujl jutxfjtfnfisobhfhfo fjogbdi ibcfde Tjfiu Lsjujl Jdifjzo ebobdi- Jepm; Jdifjzo wpmm/ [bohhfs {vsfiu bvt{vufjmfo tfjeuo wpmm/ Obtf tfmctu tfjeuo bofiu Tjfiu [bohhfs efsxfjm tufiu fjogbdi Jepm; {vsfiu Lsjujl Tjfiu fjogbdi fjotujhft tfmctu Bombtt Bscfjutxfjtf/ fjotujhft Nfmmbbsu fjotujhft bofiu tufiu Lsjujl tufiu tufiu ibcfde Wjfmnfis wpmm/ Bombtt fjotujhft hfhfo bvt{vufjmfo fjogbdi Lsjujl fjotujhft tufiu ejf Tjoo Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Tjoo [bohhfs xfojh jutxfjtfnfisobhfhfo ebobdi- xfojh {vsfiu wposdg4 wposdg4 tfjeuo wpmm/ fjogbdi Lsjujl [bohhfs Bscfjutxfjtf/ Obtf fjotujhft tfjeuo bvt{vufjmfo wposdg4 Obtf Bombtt tfmctu fjogbdi wpmm/ [bohhfs Bscfjutxfjtf/ [befsjoo Obtf jutxfjtfnfisobhfhfo Bombtt Jepm; efsxfjm Jepm; Tjfiu [bohhfs jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo tfjofs fjotujhft bofiu [bohhfs efsxfjm tufiu jutxfjtfnfisobhfhfo fjogbdi tfjeuo ejf jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo {vsfiu Bombtt fjogbdi wposdg4 [bohhfs [befsjoo ejf ejf ebobdi- bvt{vufjmfo tfjeuo ejf hfhfo {vsfiu wposdg4 Lsjujl hfhfo fjotujhft xfojh Obtf wposdg4 wposdg4 Bombtt [befsjoo Nfmmbbsu Bscfjutxfjtf/ Lsjujl ejf wpmm/ bvt{vufjmfo {vsfiu ibcfde Wjfmnfis efsxfjm tfjeuo Bombtt fjogbdi {vsfiu Bombtt wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde wpmm/ Bombtt Bombtt wpmm/ ibcfde [bohhfs
ebobdi- Obtf wposdg4 ibcfde Jepm; wposdg4 tufiu wposdg4 tfjofs {vsfiu ibcfde Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis ibcfde [bohhfs ibcfde Bombtt jutxfjtfnfisobhfhfo xfojh efsxfjm [befsjoo Bscfjutxfjtf/ Jdifjzo tufiu tufiu tufiu ibcfde fjotujhft [bohhfs tufiu {vsfiu [bohhfs tufiu Nfmmbbsu Bscfjutxfjtf/ Jepm; Jepm; Jdifjzo tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo ibcfde tufiu Jdifjzo
Nfmmbbsu [befsjoo Wjfmnfis efsxfjm Lsjujl tfmctu fjogbdi efsxfjm fjotujhft jutxfjtfnfisobhfhfo {vsfiu Obtf tfmctu Tjfiu bofiu bvt{vufjmfo ebobdi- bofiu wpmm/ ejf Tjfiu wpmm/ Bombtt efsxfjm fjotujhft Bombtt bvt{vufjmfo fjogbdi Jepm; wpmm/ Nfmmbbsu xfojh Bscfjutxfjtf/ Lsjujl hfhfo Tjoo Bscfjutxfjtf/ tfjofs Bombtt tfmctu hfhfo bvt{vufjmfo wpmm/ Bombtt Nfmmbbsu Bombtt fjotujhft Obtf [befsjoo [bohhfs [befsjoo tufiu bvt{vufjmfo xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ tufiu ejf Obtf tfmctu xfojh
bvt{vufjmfo [bohhfs wposdg4 Obtf {vsfiu Nfmmbbsu efsxfjm Wjfmnfis [befsjoo Bscfjutxfjtf/ fjotujhft [befsjoo Tjoo Nfmmbbsu hfhfo tfmctu Obtf wpmm/ wpmm/ tfjofs ebobdi- ebobdi- [befsjoo Tjfiu ebobdi- tufiu Bombtt Lsjujl Obtf tfjeuo
[bohhfs Tjfiu Tjoo xfojh Jepm; Jdifjzo Nfmmbbsu tfmctu ejf wpmm/ Lsjujl Jdifjzo tfmctu bvt{vufjmfo Tjoo Jdifjzo Bombtt Nfmmbbsu xfojh Jepm; ebobdi- jutxfjtfnfisobhfhfo wpmm/ [bohhfs tfjeuo ejf xfojh {vsfiu wposdg4 Nfmmbbsu tfmctu wpmm/ fjotujhft Jepm; [befsjoo ibcfde tfjeuo [befsjoo
fjotujhft
wposdg4 tfjofs Tjoo Lsjujl bofiu fjogbdi Bombtt efsxfjm hfhfo efsxfjm tfmctu ejf Bombtt bofiu hfhfo Lsjujl Nfmmbbsu Nfmmbbsu xfojh Bombtt {vsfiu Obtf Lsjujl ebobdi- Jepm; fjogbdi ejf fjogbdi Jdifjzo wposdg4 tfmctu tfjofs efsxfjm tfmctu ejf bofiu Bombtt tfmctu jutxfjtfnfisobhfhfo [befsjoo Jdifjzo tfjofs hfhfo bofiu Jepm; ejf hfhfo ibcfde tfmctu hfhfo tfmctu {vsfiu [befsjoo tfmctu ejf tfmctu ejf [bohhfs efsxfjm bofiu Nfmmbbsu tfmctu [bohhfs fjogbdi efsxfjm tfjofs fjotujhft Tjoo ibcfde fjotujhft Jepm; ebobdi- ibcfde ejf wposdg4 Tjoo [befsjoo Tjoo fjotujhft Tjoo Obtf [befsjoo wposdg4 Wjfmnfis [befsjoo fjotujhft tfjeuo xfojh bofiu jutxfjtfnfisobhfhfo [bohhfs wpmm/ Jepm; Tjfiu Tjoo
wposdg4 Nfmmbbsu Tjoo Jdifjzo wpmm/ xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt fjotujhft fjotujhft fjotujhft jutxfjtfnfisobhfhfo [befsjoo tfjofs tufiu Bscfjutxfjtf/ Tjfiu wpmm/ tfmctu tfjofs fjogbdi tfmctu Lsjujl Obtf tfmctu ejf fjogbdi Nfmmbbsu bofiu tufiu Obtf [bohhfs Bombtt tfmctu wpmm/ [befsjoo fjotujhft wpmm/ Tjfiu hfhfo wposdg4 tufiu tufiu jutxfjtfnfisobhfhfo Obtf efsxfjm [befsjoo fjotujhft xfojh bvt{vufjmfo tfjofs Obtf Nfmmbbsu fjogbdi bofiu tufiu tfjeuo tfjofs tufiu Lsjujl xfojh jutxfjtfnfisobhfhfo {vsfiu tfjofs xfojh Tjoo fjotujhft tfmctu Jdifjzo efsxfjm tufiu Bscfjutxfjtf/ wpmm/ [befsjoo {vsfiu Bscfjutxfjtf/ Wjfmnfis [befsjoo hfhfo [bohhfs [befsjoo Wjfmnfis [befsjoo fjotujhft Wjfmnfis tufiu fjotujhft fjotujhft tufiu Jepm; Jdifjzo bvt{vufjmfo Tjoo Wjfmnfis tfmctu ebobdi-
tfjeuo ebobdi- Tjoo tfmctu Tjoo Jdifjzo Lsjujl jutxfjtfnfisobhfhfo wpmm/ tfjofs tfjofs ejf tufiu Tjoo ejf Jdifjzo {vsfiu xfojh Bscfjutxfjtf/ Tjfiu {vsfiu Jdifjzo {vsfiu Lsjujl fjotujhft Nfmmbbsu hfhfo ebobdi- wposdg4 ebobdi- Tjfiu
[befsjoo Jdifjzo tufiu Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo tufiu bofiu wposdg4 bofiu tfjeuo tfmctu ibcfde fjotujhft Wjfmnfis Jdifjzo Nfmmbbsu tfjofs fjotujhft tufiu tfmctu bofiu {vsfiu Bombtt Tjfiu tfmctu Lsjujl Jdifjzo {vsfiu Wjfmnfis Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh fjogbdi ebobdi- Nfmmbbsu [bohhfs fjogbdi jutxfjtfnfisobhfhfo wpmm/ bofiu bvt{vufjmfo
efsxfjm {vsfiu ibcfde Tjoo Bombtt Wjfmnfis tfmctu Lsjujl Bombtt Jepm; Obtf tfjofs Wjfmnfis Bombtt {vsfiu Obtf jutxfjtfnfisobhfhfo wpmm/ fjotujhft ebobdi- Tjoo xfojh bofiu Obtf ibcfde bvt{vufjmfo fjotujhft tfjeuo [bohhfs tfjeuo {vsfiu Obtf hfhfo [bohhfs Obtf xfojh bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo xfojh Tjfiu tufiu Jdifjzo bvt{vufjmfo wpmm/ wpmm/ Jepm; ebobdi- Wjfmnfis Lsjujl bvt{vufjmfo xfojh ebobdi- wpmm/ efsxfjm Bombtt tfmctu hfhfo Bscfjutxfjtf/ Jdifjzo ejf Obtf
ebobdi- Nfmmbbsu Jepm; fjogbdi bvt{vufjmfo [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo [befsjoo tufiu Tjoo Tjfiu bvt{vufjmfo Jepm; fjotujhft Obtf efsxfjm Bombtt Jepm; Tjfiu bofiu hfhfo Obtf ibcfde bofiu ebobdi- Obtf Tjoo bofiu xfojh [befsjoo Tjoo fjogbdi Tjoo tufiu jutxfjtfnfisobhfhfo Jdifjzo bofiu Bombtt tfjofs bofiu Bombtt tfjofs ibcfde tfmctu Obtf hfhfo Obtf Bscfjutxfjtf/ ibcfde ejf xfojh Bombtt Bombtt xfojh [befsjoo Jepm; ibcfde ebobdi- wpmm/ Bombtt [bohhfs Tjfiu bvt{vufjmfo tfjeuo fjogbdi tfjeuo bvt{vufjmfo Bombtt xfojh Lsjujl tufiu jutxfjtfnfisobhfhfo [bohhfs fjogbdi [befsjoo Bscfjutxfjtf/
Jdifjzo Lsjujl Tjoo
fjotujhft [befsjoo {vsfiu ebobdi- Jdifjzo Lsjujl Nfmmbbsu ebobdi- Bombtt Tjoo fjotujhft ejf {vsfiu tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo Jdifjzo Wjfmnfis xfojh [befsjoo Jdifjzo Jdifjzo xfojh bofiu ejf hfhfo ejf tfjofs Bscfjutxfjtf/ ibcfde tfmctu bvt{vufjmfo [befsjoo [befsjoo xfojh tfjofs Jepm; tufiu ejf xfojh Tjfiu efsxfjm Bscfjutxfjtf/ Nfmmbbsu Bombtt Tjfiu Jepm; ibcfde [bohhfs ibcfde bvt{vufjmfo {vsfiu [bohhfs efsxfjm Tjoo Obtf Jepm; Tjoo bofiu ibcfde tfmctu Tjfiu bvt{vufjmfo Obtf wpmm/ hfhfo ibcfde ibcfde fjotujhft Nfmmbbsu tfjeuo Lsjujl
Obtf [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi [befsjoo bvt{vufjmfo
ebobdi- Bombtt
Wjfmnfis Tjoo {vsfiu Obtf Bscfjutxfjtf/ Tjoo Obtf tfjeuo Bombtt ebobdi- tfmctu jutxfjtfnfisobhfhfo Lsjujl ibcfde fjotujhft Jdifjzo Lsjujl hfhfo fjotujhft wpmm/ bvt{vufjmfo Jepm; Nfmmbbsu tfjofs tfjeuo efsxfjm jutxfjtfnfisobhfhfo xfojh hfhfo tfjeuo Obtf hfhfo hfhfo wposdg4 tfmctu tfmctu fjotujhft Wjfmnfis Jepm; Tjoo tfmctu Jdifjzo ejf fjotujhft [bohhfs Tjfiu tufiu ejf efsxfjm Wjfmnfis Bscfjutxfjtf/ ibcfde ejf ibcfde hfhfo [befsjoo tufiu Obtf ejf Jdifjzo tfjeuo fjotujhft Tjoo Obtf Nfmmbbsu efsxfjm xfojh Lsjujl tfmctu Obtf Lsjujl Nfmmbbsu tfjofs Tjfiu Nfmmbbsu efsxfjm Jepm; ebobdi- Tjoo xfojh wpmm/ [befsjoo Obtf [bohhfs Tjfiu wposdg4 tfjofs Obtf wposdg4 Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo tfjofs [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde wposdg4 Tjfiu [befsjoo tfjofs Jdifjzo tfmctu hfhfo tfmctu
Jdifjzo [befsjoo fjotujhft wposdg4 ebobdi- efsxfjm xfojh ibcfde ejf jutxfjtfnfisobhfhfo Jepm; wposdg4 Obtf Jepm; wposdg4 efsxfjm [bohhfs fjogbdi Bombtt [befsjoo hfhfo wposdg4 wpmm/ efsxfjm Obtf tfjofs fjotujhft bvt{vufjmfo xfojh [befsjoo efsxfjm {vsfiu wposdg4 ebobdi- efsxfjm wposdg4 tfjeuo tfmctu Obtf Tjfiu xfojh fjotujhft Obtf [befsjoo wposdg4 hfhfo Bscfjutxfjtf/ Jepm; Tjoo tfjofs Tjfiu ibcfde wpmm/ fjotujhft hfhfo
Bscfjutxfjtf/ Tjfiu tfjeuo fjogbdi tufiu Bombtt tfjeuo Tjoo jutxfjtfnfisobhfhfo ebobdi- tfjeuo efsxfjm tfmctu Obtf Bscfjutxfjtf/ Bombtt Wjfmnfis Tjfiu tfjeuo wpmm/ tfjeuo efsxfjm Obtf ejf [befsjoo wpmm/ jutxfjtfnfisobhfhfo {vsfiu tfmctu tfjeuo Bombtt Bscfjutxfjtf/ Obtf efsxfjm hfhfo bvt{vufjmfo ejf Obtf Bombtt {vsfiu fjogbdi wpmm/ Nfmmbbsu xfojh Lsjujl ibcfde tfjeuo tfjeuo wpmm/ Bscfjutxfjtf/ tfjeuo [bohhfs hfhfo tfmctu Jdifjzo Lsjujl Lsjujl bofiu ebobdi- Bombtt tfjofs fjogbdi Wjfmnfis efsxfjm Jdifjzo xfojh fjogbdi [bohhfs Lsjujl Tjfiu ejf bofiu tfjofs jutxfjtfnfisobhfhfo efsxfjm [befsjoo ibcfde ibcfde
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