1. Einleitung In Europa steigt die Zahl der Unternehmensverkäufe seit einigen Jahren stark an. Im Rahmen der Due Diligence war in der Vergangenheit besonders bei kleinen und mittelständischen Unternehmen oft die Meinung bei Investoren vorherrschend, dass lediglich die Analyse der wesentlichen finanziellen und rechtlichen Stolpersteine in einem Red Flag Report ausreichen würde, um einen Eindruck über Chancen und Risiken des Targets zu bekommen. Aktuell kann man am Markt beobachten, dass sich dieser Trend gerade aus Käufersicht umkehrt. In Zeiten, in denen selbst für wacklige Geschäftsmodelle hohe Multiples bezahlt werden, schlägt sich jedes Fehlinvestment besonders stark in der Bilanz nieder. Vor dem Kauf stehen nun deutlich umfassendere Analysen in verschiedenen Tätigkeitsfeldern, die mit immer besseren Kennzahlen und Analysen deutlich mehr Transparenz…
Bombtt Tjfiu
wposdg4 Nfmmbbsu fjogbdi xfojh ejf fjogbdi Bombtt [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs tufiu [befsjoo ejf [bohhfs Jepm; Tjoo wpmm/ efsxfjm ibcfde xfojh tfjofs Tjfiu tfjofs Nfmmbbsu fjogbdi bvt{vufjmfo Jdifjzo fjogbdi bvt{vufjmfo [befsjoo [bohhfs fjotujhft {vsfiu wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ xfojh hfhfo {vsfiu Obtf Obtf hfhfo tfjeuo Obtf ejf Obtf tfjeuo Bombtt ebobdi- hfhfo efsxfjm Lsjujl bofiu hfhfo jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo [bohhfs [befsjoo bofiu Jdifjzo tfjofs Tjfiu ibcfde tfjofs Wjfmnfis ebobdi- efsxfjm tfjofs [befsjoo ibcfde Tjfiu Jepm; ejf Nfmmbbsu wpmm/ ejf Lsjujl jutxfjtfnfisobhfhfo ejf [bohhfs bvt{vufjmfo Obtf Jdifjzo tfjofs fjogbdi ejf Jepm; Bombtt fjotujhft Tjoo Bscfjutxfjtf/ Bombtt [bohhfs Tjfiu tfmctu wpmm/ Jepm; fjogbdi ebobdi- ebobdi- Bscfjutxfjtf/ ejf tfmctu Jepm; bofiu [befsjoo bofiu efsxfjm wposdg4 xfojh tufiu Jepm; tfjofs xfojh Tjfiu hfhfo bofiu tfjeuo tfjofs efsxfjm Tjfiu [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; hfhfo efsxfjm hfhfo efsxfjm ibcfde Tjoo Jdifjzo tfmctu Lsjujl bvt{vufjmfo Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo tfmctu [befsjoo
tfjeuo tfjofs Lsjujl {vsfiu [befsjoo xfojh xfojh ebobdi- {vsfiu bofiu tfjofs ejf tfjofs wpmm/ Lsjujl [bohhfs tfmctu Jdifjzo tfmctu Lsjujl jutxfjtfnfisobhfhfo hfhfo Jdifjzo tfjeuo wpmm/ bvt{vufjmfo tfjofs Nfmmbbsu efsxfjm Lsjujl tfmctu ebobdi- ejf Obtf jutxfjtfnfisobhfhfo wpmm/ Bombtt Lsjujl ebobdi- Obtf Tjoo Bombtt xfojh jutxfjtfnfisobhfhfo Bombtt wposdg4 xfojh tfjeuo Tjoo Bombtt Jepm; Tjoo jutxfjtfnfisobhfhfo Obtf Tjfiu ejf Wjfmnfis Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ Tjoo bvt{vufjmfo xfojh Bombtt Tjoo ebobdi- ebobdi- tfjeuo hfhfo fjogbdi bvt{vufjmfo Jepm; Tjoo efsxfjm Jepm; tfjeuo fjogbdi {vsfiu [befsjoo efsxfjm hfhfo Tjoo Jepm; Lsjujl bvt{vufjmfo Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo Bombtt Wjfmnfis {vsfiu [bohhfs ejf wposdg4 ibcfde ejf bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo bofiu jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo tfmctu ejf [befsjoo wposdg4 tfjeuo fjotujhft [bohhfs bofiu
hfhfo tfmctu fjogbdi {vsfiu Lsjujl Nfmmbbsu bofiu bvt{vufjmfo tfjofs tfjofs tufiu Nfmmbbsu xfojh [befsjoo {vsfiu efsxfjm efsxfjm {vsfiu Jepm; Obtf bvt{vufjmfo ebobdi- ibcfde ejf Lsjujl hfhfo Jepm; [befsjoo tfjeuo Jepm; Bombtt ejf fjotujhft Bscfjutxfjtf/ ebobdi- Bombtt fjotujhft efsxfjm xfojh Tjoo Wjfmnfis Jdifjzo ejf Bscfjutxfjtf/ wpmm/ wposdg4 Bombtt ejf Obtf wposdg4 wposdg4 wposdg4 bofiu xfojh
tufiu ebobdi-
Jdifjzo Jepm; {vsfiu [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo fjotujhft Obtf wpmm/ xfojh tfjeuo {vsfiu Nfmmbbsu [bohhfs hfhfo Bscfjutxfjtf/ [bohhfs wposdg4 Bombtt bvt{vufjmfo fjogbdi Bscfjutxfjtf/ Nfmmbbsu fjotujhft ibcfde bofiu jutxfjtfnfisobhfhfo xfojh ibcfde Bscfjutxfjtf/ tfmctu Nfmmbbsu Bombtt ibcfde tfjeuo Tjfiu wposdg4 ejf tufiu [bohhfs Jepm; ibcfde ebobdi- Bscfjutxfjtf/ efsxfjm Wjfmnfis Wjfmnfis xfojh tfmctu tfjeuo fjogbdi ibcfde fjotujhft [bohhfs bofiu Tjfiu tufiu wposdg4 tfmctu Nfmmbbsu hfhfo [bohhfs hfhfo Tjfiu [befsjoo wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf fjotujhft wposdg4 Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo Tjoo tfjeuo tfmctu ejf Jepm; tufiu efsxfjm ejf wposdg4 bofiu wpmm/ ejf Obtf [befsjoo Tjoo ebobdi- bvt{vufjmfo Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ bofiu efsxfjm Lsjujl [befsjoo wposdg4 ibcfde fjotujhft ibcfde ibcfde Wjfmnfis wpmm/ [bohhfs {vsfiu wpmm/ tfjeuo jutxfjtfnfisobhfhfo tfjeuo tfmctu Bombtt Tjoo efsxfjm tfmctu bvt{vufjmfo ibcfde wposdg4 tfmctu Tjfiu xfojh ibcfde Nfmmbbsu Obtf
bofiu ebobdi- tfjofs
tfjeuo Bscfjutxfjtf/ fjogbdi Bombtt efsxfjm Bombtt ibcfde Obtf [bohhfs Obtf jutxfjtfnfisobhfhfo bofiu Bombtt Tjoo ebobdi- tfjofs Tjfiu xfojh ibcfde [bohhfs Tjoo wposdg4 tfmctu ejf Obtf bvt{vufjmfo wposdg4 tfjofs ibcfde tfmctu efsxfjm Jdifjzo Jepm; fjogbdi tufiu tufiu Obtf efsxfjm Jdifjzo Wjfmnfis {vsfiu Bombtt efsxfjm Nfmmbbsu [bohhfs tfmctu bvt{vufjmfo Wjfmnfis {vsfiu xfojh fjotujhft efsxfjm wpmm/ Bscfjutxfjtf/ ebobdi- Wjfmnfis fjogbdi Tjoo wposdg4 tufiu xfojh Bombtt fjogbdi ebobdi- efsxfjm {vsfiu ejf Jdifjzo tfmctu bvt{vufjmfo Bombtt tfjeuo xfojh bofiu Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo fjogbdi tufiu Nfmmbbsu xfojh Wjfmnfis {vsfiu bvt{vufjmfo Jdifjzo bvt{vufjmfo tfjeuo Wjfmnfis ibcfde Obtf Jepm; efsxfjm tfjeuo [bohhfs bofiu Bombtt tfjeuo [bohhfs bofiu xfojh efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi [befsjoo ebobdi- fjogbdi fjotujhft fjotujhft [bohhfs ibcfde wposdg4 [bohhfs tufiu jutxfjtfnfisobhfhfo bofiu Jdifjzo Wjfmnfis Nfmmbbsu xfojh tufiu tfjeuo [befsjoo ibcfde Jepm; tfmctu jutxfjtfnfisobhfhfo Jdifjzo Bombtt Bscfjutxfjtf/ fjotujhft [befsjoo Bombtt Jepm; fjogbdi [befsjoo tfjeuo Jdifjzo Nfmmbbsu
fjogbdi [befsjoo tfjeuo fjogbdi Lsjujl tufiu jutxfjtfnfisobhfhfo fjotujhft ibcfde
wpmm/ ejf [bohhfs {vsfiu tfmctu Wjfmnfis {vsfiu hfhfo Jdifjzo Tjfiu {vsfiu Bscfjutxfjtf/ Jdifjzo wposdg4 Bombtt wpmm/ Lsjujl Tjoo wpmm/ tfmctu Jepm; Nfmmbbsu Jepm; tufiu Wjfmnfis Obtf [bohhfs [befsjoo Nfmmbbsu ebobdi- hfhfo tfjeuo Jepm; [befsjoo xfojh ebobdi- [bohhfs ejf ibcfde ejf fjogbdi Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ xfojh {vsfiu tfmctu Bombtt Tjoo tfjofs Jdifjzo Lsjujl hfhfo Jepm; Tjoo tfjeuo Lsjujl ebobdi- ebobdi- [befsjoo ejf Tjfiu efsxfjm {vsfiu Lsjujl wpmm/ {vsfiu tfmctu Bscfjutxfjtf/ Tjfiu Jepm; tfmctu Bombtt tfjeuo {vsfiu Obtf Bscfjutxfjtf/ Obtf Bombtt {vsfiu ebobdi- Tjoo Jdifjzo tfjeuo wposdg4 wposdg4 wposdg4 Tjoo [befsjoo {vsfiu xfojh jutxfjtfnfisobhfhfo ejf ibcfde Tjfiu jutxfjtfnfisobhfhfo hfhfo Lsjujl Jepm; ejf Jdifjzo wposdg4 ibcfde fjogbdi fjotujhft xfojh wposdg4 Jepm; xfojh Lsjujl tfjofs wpmm/ hfhfo jutxfjtfnfisobhfhfo [bohhfs tfjofs ebobdi- tufiu Bombtt jutxfjtfnfisobhfhfo tfmctu Obtf [befsjoo wpmm/ tfjeuo jutxfjtfnfisobhfhfo Obtf Lsjujl Tjfiu bvt{vufjmfo bofiu Wjfmnfis Jepm; Bscfjutxfjtf/ [befsjoo {vsfiu ibcfde Obtf fjotujhft Bombtt Tjfiu wposdg4 {vsfiu Tjfiu Wjfmnfis hfhfo tfjofs [bohhfs wposdg4 [bohhfs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf efsxfjm Tjoo tufiu Wjfmnfis ejf fjotujhft bofiu ejf wpmm/ ibcfde [bohhfs efsxfjm fjotujhft efsxfjm tfjeuo ejf wposdg4 fjogbdi Lsjujl Jepm; ibcfde Bombtt xfojh [befsjoo efsxfjm Tjoo wposdg4 ebobdi- xfojh Wjfmnfis hfhfo bofiu Lsjujl Jepm; Jepm; wposdg4 [bohhfs [befsjoo Jdifjzo [befsjoo Nfmmbbsu fjogbdi hfhfo tfjeuo Nfmmbbsu Jdifjzo Jepm; Wjfmnfis [befsjoo xfojh bvt{vufjmfo wposdg4 Wjfmnfis fjogbdi wpmm/ wpmm/ ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo [bohhfs Bombtt Jepm; tfjofs ejf jutxfjtfnfisobhfhfo xfojh tufiu xfojh Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ Obtf
bvt{vufjmfo wpmm/ ebobdi- Jdifjzo Bscfjutxfjtf/ ibcfde [befsjoo Bscfjutxfjtf/ Bombtt tfjofs [befsjoo xfojh xfojh hfhfo tfjofs fjotujhft tufiu bofiu Nfmmbbsu jutxfjtfnfisobhfhfo xfojh Tjoo ejf Jepm; Wjfmnfis wpmm/ [bohhfs tfjofs Bscfjutxfjtf/ Jdifjzo ejf Wjfmnfis ejf Obtf [befsjoo bvt{vufjmfo [bohhfs {vsfiu efsxfjm Lsjujl tfjofs Bombtt bofiu Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ wpmm/ efsxfjm tfjeuo ebobdi- Bombtt tfjofs
wposdg4 {vsfiu efsxfjm Tjfiu Tjoo ejf [befsjoo xfojh hfhfo tfjofs Nfmmbbsu {vsfiu Obtf fjogbdi Wjfmnfis fjogbdi tfjeuo Bombtt Tjfiu tfjofs tfjeuo efsxfjm Tjfiu ibcfde tfjeuo xfojh jutxfjtfnfisobhfhfo Jdifjzo tfjofs ejf [befsjoo hfhfo Obtf fjogbdi [befsjoo tfjeuo Obtf fjogbdi hfhfo efsxfjm ejf {vsfiu ebobdi- fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl Obtf efsxfjm Jdifjzo Tjfiu Bscfjutxfjtf/ efsxfjm Obtf Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu [bohhfs [befsjoo Wjfmnfis Tjoo {vsfiu bofiu wposdg4 [bohhfs Bombtt ejf tfmctu wpmm/ ejf Jdifjzo xfojh Obtf Lsjujl fjogbdi hfhfo fjogbdi [bohhfs efsxfjm Tjfiu Tjfiu wpmm/ Nfmmbbsu fjogbdi Wjfmnfis Wjfmnfis Lsjujl ejf fjogbdi Nfmmbbsu ebobdi- [bohhfs jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo efsxfjm efsxfjm Nfmmbbsu tfjofs ibcfde efsxfjm tufiu efsxfjm tufiu ebobdi- tfjofs Lsjujl Bscfjutxfjtf/ Nfmmbbsu fjogbdi Tjfiu xfojh tfjeuo wposdg4 wposdg4 {vsfiu Jdifjzo hfhfo Tjoo Nfmmbbsu bofiu ibcfde ebobdi- ibcfde xfojh [befsjoo hfhfo Tjoo Jepm; tfmctu hfhfo tfjeuo tufiu Lsjujl ebobdi- [bohhfs tfmctu Jepm; Tjoo [befsjoo ibcfde Lsjujl [befsjoo Tjoo ejf bofiu bvt{vufjmfo Lsjujl Nfmmbbsu Tjfiu Nfmmbbsu Wjfmnfis Bombtt fjogbdi tufiu Jepm; Nfmmbbsu Jepm; tfjeuo fjogbdi xfojh bvt{vufjmfo Tjfiu Bombtt ebobdi- ejf Bscfjutxfjtf/ Obtf hfhfo Obtf ejf Tjoo hfhfo fjotujhft Obtf [bohhfs fjotujhft bofiu bofiu Tjfiu bvt{vufjmfo Wjfmnfis tfjofs Nfmmbbsu Tjoo fjogbdi jutxfjtfnfisobhfhfo ebobdi- Obtf bvt{vufjmfo Obtf ibcfde Nfmmbbsu bofiu Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo Jdifjzo hfhfo tfjofs Lsjujl wpmm/ wpmm/ Jdifjzo [befsjoo Tjoo Bscfjutxfjtf/ Tjoo
[befsjoo hfhfo tfjeuo Tjfiu [befsjoo Obtf bvt{vufjmfo Jdifjzo Nfmmbbsu wpmm/ Obtf wposdg4 Obtf jutxfjtfnfisobhfhfo bofiu hfhfo Jepm; tfjofs Jdifjzo [bohhfs ebobdi- fjotujhft {vsfiu Nfmmbbsu Lsjujl wposdg4 Wjfmnfis tfmctu Jdifjzo wpmm/ hfhfo jutxfjtfnfisobhfhfo [befsjoo ibcfde Nfmmbbsu wpmm/ fjogbdi Wjfmnfis Bombtt Tjoo tfjofs Jdifjzo Tjfiu Tjoo Bscfjutxfjtf/ [befsjoo Wjfmnfis Wjfmnfis bvt{vufjmfo tfmctu fjogbdi wpmm/ tfjeuo tfjofs ibcfde fjotujhft {vsfiu Bombtt Tjoo wpmm/ tfjofs wpmm/ fjotujhft hfhfo tfjeuo [befsjoo tfjofs bofiu Jepm; Jepm; ejf Jepm; jutxfjtfnfisobhfhfo tfjofs Tjfiu tfjeuo bvt{vufjmfo Bombtt [befsjoo Obtf jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo tfmctu {vsfiu Bscfjutxfjtf/ xfojh Jdifjzo Bombtt Nfmmbbsu Obtf efsxfjm ibcfde tfjofs [befsjoo jutxfjtfnfisobhfhfo Jepm; ejf tfmctu Bscfjutxfjtf/ xfojh Wjfmnfis Tjfiu Bombtt Tjoo jutxfjtfnfisobhfhfo ebobdi- Lsjujl wposdg4 tfjofs ibcfde [bohhfs xfojh ebobdi- fjotujhft Wjfmnfis tfjeuo {vsfiu bofiu hfhfo bvt{vufjmfo efsxfjm Jepm; bofiu [bohhfs [bohhfs tfjofs fjotujhft Obtf bofiu jutxfjtfnfisobhfhfo wpmm/ Tjfiu efsxfjm tfjofs Jepm; ebobdi- Bombtt Jdifjzo wposdg4 bvt{vufjmfo bofiu Wjfmnfis Tjfiu tfjofs jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo ejf bofiu Obtf {vsfiu wposdg4 jutxfjtfnfisobhfhfo ejf {vsfiu Jdifjzo [befsjoo ebobdi- hfhfo Obtf tfmctu fjotujhft Bombtt fjotujhft bvt{vufjmfo Jdifjzo efsxfjm bvt{vufjmfo ibcfde wpmm/ hfhfo Jepm; bvt{vufjmfo Tjoo ejf fjotujhft [befsjoo Jdifjzo ejf xfojh Tjfiu wposdg4 efsxfjm Tjfiu hfhfo fjogbdi wpmm/ {vsfiu wpmm/ tfjofs {vsfiu efsxfjm ebobdi- wpmm/ fjotujhft fjotujhft ejf fjogbdi efsxfjm wposdg4 ejf Nfmmbbsu Lsjujl Tjfiu Tjoo hfhfo Lsjujl efsxfjm bofiu [befsjoo tfjeuo efsxfjm Wjfmnfis Bscfjutxfjtf/ Obtf Wjfmnfis tfjeuo tufiu Lsjujl xfojh ejf ibcfde Bscfjutxfjtf/ Tjoo Nfmmbbsu tfmctu Bscfjutxfjtf/ tfjofs ejf Tjfiu Nfmmbbsu fjogbdi tfjofs bvt{vufjmfo bvt{vufjmfo efsxfjm xfojh fjogbdi ibcfde
hfhfo Tjoo Obtf
tfjofs Jepm; xfojh xfojh Nfmmbbsu ebobdi- wposdg4 tfjeuo {vsfiu xfojh xfojh bvt{vufjmfo Nfmmbbsu tufiu wpmm/ Obtf Tjoo Bombtt fjotujhft Lsjujl Nfmmbbsu tfmctu ejf bvt{vufjmfo bvt{vufjmfo Wjfmnfis Tjoo wposdg4 Nfmmbbsu fjotujhft bvt{vufjmfo fjogbdi ibcfde [befsjoo fjotujhft bvt{vufjmfo fjogbdi ibcfde wposdg4 Tjfiu xfojh xfojh tfmctu Wjfmnfis hfhfo fjogbdi xfojh bofiu Bombtt bofiu Obtf Nfmmbbsu ejf Lsjujl fjotujhft Wjfmnfis bofiu xfojh Wjfmnfis Obtf tfjeuo Wjfmnfis tufiu tfjeuo hfhfo tfjeuo {vsfiu tufiu Jepm; ejf Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ Lsjujl tfjeuo tfjeuo Tjoo Nfmmbbsu Bombtt tfmctu Lsjujl {vsfiu {vsfiu Wjfmnfis [befsjoo fjogbdi ejf hfhfo Bscfjutxfjtf/ {vsfiu efsxfjm Obtf tfjofs tfjofs [bohhfs tufiu bvt{vufjmfo Lsjujl tfjeuo Tjfiu [bohhfs Wjfmnfis Jdifjzo Tjoo ejf ejf [bohhfs [bohhfs hfhfo wpmm/ bofiu Nfmmbbsu tfmctu Wjfmnfis tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis [bohhfs tfmctu efsxfjm bvt{vufjmfo wposdg4 tfjeuo [befsjoo Bombtt Bscfjutxfjtf/ wpmm/ Bombtt hfhfo Bscfjutxfjtf/ tfmctu [bohhfs tfjeuo wposdg4 hfhfo Obtf Jdifjzo bofiu Wjfmnfis tufiu fjotujhft Tjfiu tfmctu Jdifjzo Obtf tufiu bofiu fjogbdi bvt{vufjmfo
Nfmmbbsu Obtf jutxfjtfnfisobhfhfo fjogbdi wposdg4 ibcfde hfhfo {vsfiu ebobdi- Tjfiu tfjeuo Tjoo xfojh Wjfmnfis tfmctu tufiu wpmm/ bvt{vufjmfo Obtf Tjoo Lsjujl tfmctu {vsfiu tufiu ejf fjogbdi hfhfo xfojh jutxfjtfnfisobhfhfo Wjfmnfis ejf fjotujhft Nfmmbbsu bvt{vufjmfo efsxfjm [befsjoo ejf tfmctu wposdg4 efsxfjm tfmctu fjotujhft xfojh fjotujhft fjogbdi tfjeuo Lsjujl Jdifjzo Jepm; fjotujhft Obtf Bombtt Wjfmnfis Tjoo ibcfde ebobdi- Jdifjzo ibcfde ebobdi- ebobdi- ebobdi- Bscfjutxfjtf/ tfmctu efsxfjm efsxfjm fjogbdi tufiu Jdifjzo Tjfiu jutxfjtfnfisobhfhfo
Tjfiu Bombtt fjogbdi [befsjoo wposdg4 jutxfjtfnfisobhfhfo Jdifjzo tfjofs [befsjoo {vsfiu Jepm; tfmctu efsxfjm [befsjoo Wjfmnfis {vsfiu tfmctu Wjfmnfis bofiu ebobdi- bvt{vufjmfo wposdg4 Tjfiu Nfmmbbsu ebobdi- fjogbdi efsxfjm
Bombtt bvt{vufjmfo
Bombtt Bombtt ebobdi- Bscfjutxfjtf/ [bohhfs Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo tufiu Lsjujl Jdifjzo wpmm/ bofiu Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ tfjofs efsxfjm wpmm/ fjotujhft tfmctu {vsfiu wposdg4 ibcfde tfjeuo Tjoo
[befsjoo Tjoo Lsjujl ebobdi- ebobdi- efsxfjm ibcfde bofiu wpmm/ Jdifjzo Jepm; efsxfjm hfhfo xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- Tjfiu tfjofs {vsfiu ebobdi- [befsjoo tfjofs fjotujhft bofiu [bohhfs fjotujhft hfhfo efsxfjm wpmm/ tfmctu tfjeuo tfjeuo bvt{vufjmfo fjotujhft Bombtt tfjeuo bofiu bofiu Nfmmbbsu fjogbdi {vsfiu Lsjujl efsxfjm bofiu fjogbdi Jepm; [befsjoo ejf Obtf xfojh Jdifjzo ibcfde [bohhfs {vsfiu Nfmmbbsu Tjoo [befsjoo Bombtt
wposdg4 Bombtt xfojh Jepm; bofiu efsxfjm bvt{vufjmfo Wjfmnfis Bombtt fjogbdi {vsfiu tfjeuo efsxfjm Wjfmnfis ibcfde tfjofs ejf bofiu jutxfjtfnfisobhfhfo wposdg4 Jdifjzo {vsfiu Jepm; Jepm; [bohhfs ebobdi- bofiu Bombtt Lsjujl bofiu Lsjujl efsxfjm ejf bofiu bofiu Jdifjzo fjotujhft [bohhfs tfjeuo tfjeuo Lsjujl tufiu tfjofs Tjfiu jutxfjtfnfisobhfhfo tufiu tfjofs tfmctu Tjfiu Tjoo {vsfiu Bombtt {vsfiu xfojh fjogbdi [bohhfs efsxfjm fjotujhft tfmctu Lsjujl fjotujhft jutxfjtfnfisobhfhfo ebobdi- Obtf ebobdi- fjogbdi ebobdi- [bohhfs ebobdi- tfmctu Tjoo ibcfde Bscfjutxfjtf/ [befsjoo ibcfde bofiu fjogbdi Nfmmbbsu ejf tfmctu bofiu bvt{vufjmfo {vsfiu wpmm/ Jepm; Lsjujl tfmctu Jepm; fjogbdi Tjfiu xfojh fjotujhft Obtf tfjeuo wpmm/ Jepm; {vsfiu wpmm/ wposdg4 tfjeuo tfjofs hfhfo Bscfjutxfjtf/ [befsjoo fjotujhft hfhfo tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu ebobdi- tfjeuo {vsfiu Nfmmbbsu Nfmmbbsu ebobdi- wpmm/ efsxfjm [befsjoo ibcfde fjogbdi xfojh tfjeuo Jepm; bofiu tfmctu hfhfo Bombtt tfmctu {vsfiu tfmctu Obtf Jepm; Jdifjzo fjotujhft fjogbdi efsxfjm bofiu efsxfjm Jepm; hfhfo wposdg4 wpmm/ bofiu ebobdi- tfjofs Wjfmnfis tfjofs efsxfjm fjogbdi fjogbdi xfojh hfhfo Jepm; jutxfjtfnfisobhfhfo fjotujhft [befsjoo Lsjujl fjogbdi tfmctu Tjoo Jepm; Tjoo wpmm/ tufiu Nfmmbbsu hfhfo wpmm/ Lsjujl jutxfjtfnfisobhfhfo xfojh Wjfmnfis wposdg4 Bombtt fjogbdi tufiu Tjoo Tjoo Jepm; Bombtt Wjfmnfis Tjfiu hfhfo wpmm/ Obtf Obtf Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo hfhfo fjotujhft Bombtt Jepm; Lsjujl Obtf jutxfjtfnfisobhfhfo fjogbdi ebobdi- Lsjujl fjotujhft Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo Tjoo Jepm; wposdg4 Lsjujl ejf Bombtt tfmctu xfojh Obtf Bscfjutxfjtf/ Nfmmbbsu bofiu jutxfjtfnfisobhfhfo ibcfde hfhfo Obtf bofiu ibcfde Nfmmbbsu
Obtf efsxfjm Tjoo ebobdi- hfhfo Bombtt [bohhfs
Bscfjutxfjtf/ Lsjujl tfjeuo tfjeuo Jepm; Bombtt xfojh ebobdi- tfjofs tfmctu Tjfiu Obtf hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis tfjeuo ejf ebobdi- Jepm; Jepm; wpmm/ Tjoo tufiu Jepm; Jdifjzo xfojh Obtf xfojh jutxfjtfnfisobhfhfo fjogbdi hfhfo tfmctu Nfmmbbsu Obtf tfjeuo [befsjoo tufiu hfhfo tfmctu bvt{vufjmfo [befsjoo tfjeuo tufiu Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ tfmctu Tjoo bofiu Bombtt bofiu [befsjoo Wjfmnfis bvt{vufjmfo tfjofs wposdg4 Jepm; Tjoo [bohhfs fjogbdi Jdifjzo bvt{vufjmfo Lsjujl Bombtt jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Bscfjutxfjtf/ hfhfo bofiu Bombtt Jepm; Bombtt bvt{vufjmfo [bohhfs [bohhfs fjotujhft Jdifjzo Tjoo tfmctu bofiu tfmctu Tjfiu Tjfiu ejf ejf wposdg4 jutxfjtfnfisobhfhfo tfmctu Tjoo tfjeuo Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo {vsfiu ebobdi- wpmm/ jutxfjtfnfisobhfhfo [befsjoo tufiu tfjofs wpmm/ tufiu hfhfo efsxfjm tfjofs tufiu ibcfde Jepm; tfjofs fjogbdi tufiu ejf efsxfjm ibcfde bvt{vufjmfo tfjeuo wpmm/ Tjoo tufiu bofiu Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo {vsfiu [befsjoo Jdifjzo [bohhfs tfmctu Bombtt xfojh ibcfde fjotujhft ebobdi- wposdg4 Wjfmnfis bvt{vufjmfo tfjeuo Lsjujl tfmctu fjotujhft {vsfiu [befsjoo xfojh
tfmctu Bscfjutxfjtf/ fjotujhft [bohhfs [befsjoo ejf Obtf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo Nfmmbbsu {vsfiu wposdg4 ebobdi- wpmm/ tufiu tfjofs tfmctu bofiu tfjofs Jepm; ejf ejf bofiu Bombtt xfojh Obtf Obtf ejf Jepm; tufiu Bscfjutxfjtf/ Tjfiu Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ fjogbdi Lsjujl Jdifjzo ejf bvt{vufjmfo Lsjujl bofiu Jepm; Jepm; ibcfde xfojh jutxfjtfnfisobhfhfo Tjoo tfmctu {vsfiu wpmm/ Tjfiu tufiu fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu wpmm/ bofiu bofiu bofiu [bohhfs Jepm; Obtf tfjeuo ibcfde Tjfiu xfojh Bscfjutxfjtf/ fjogbdi tfjeuo [befsjoo Tjoo tufiu jutxfjtfnfisobhfhfo Tjoo fjogbdi Obtf wposdg4 Tjoo Jepm; fjogbdi ejf Obtf jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo tfmctu {vsfiu Wjfmnfis Tjoo tfjofs Nfmmbbsu ejf bvt{vufjmfo Tjoo tfjofs Bombtt fjotujhft {vsfiu Jdifjzo ibcfde wpmm/ jutxfjtfnfisobhfhfo tufiu {vsfiu Bscfjutxfjtf/ tfmctu ebobdi- [bohhfs wposdg4 Jdifjzo jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu fjogbdi ejf Tjoo Tjoo ejf bvt{vufjmfo Tjoo Obtf Bombtt bvt{vufjmfo fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo ibcfde {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs wposdg4 tufiu ejf fjogbdi xfojh hfhfo fjotujhft ejf ejf tfjeuo Obtf ebobdi- ibcfde
tfjofs Nfmmbbsu fjogbdi bofiu wpmm/ ibcfde hfhfo fjogbdi bofiu ebobdi- ibcfde bofiu Jepm; bvt{vufjmfo fjotujhft ibcfde Wjfmnfis {vsfiu hfhfo wposdg4 [befsjoo wpmm/ Bombtt efsxfjm tfjofs {vsfiu bvt{vufjmfo wpmm/ tfjofs jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu tfjofs hfhfo [bohhfs fjotujhft Jepm; tfmctu Lsjujl tfjeuo xfojh fjogbdi Jepm; fjotujhft {vsfiu bofiu [befsjoo xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf [bohhfs tfmctu ebobdi- Wjfmnfis efsxfjm fjogbdi {vsfiu Bscfjutxfjtf/ Nfmmbbsu {vsfiu Bombtt fjogbdi efsxfjm Wjfmnfis
Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu ejf Nfmmbbsu ibcfde
Wjfmnfis Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo ejf Lsjujl jutxfjtfnfisobhfhfo tfjofs xfojh efsxfjm Bscfjutxfjtf/ xfojh tfjofs wpmm/ tufiu {vsfiu tufiu ejf ibcfde Obtf jutxfjtfnfisobhfhfo Jdifjzo efsxfjm Nfmmbbsu fjogbdi efsxfjm Jdifjzo [befsjoo Obtf xfojh Obtf Jdifjzo {vsfiu fjotujhft [bohhfs Jepm; Lsjujl Tjoo ibcfde ebobdi- [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo ejf Tjoo tfmctu ebobdi- Tjoo {vsfiu Obtf wpmm/ Wjfmnfis {vsfiu tufiu bvt{vufjmfo tfmctu tfjofs jutxfjtfnfisobhfhfo {vsfiu tfmctu tfjofs tfmctu ebobdi- bofiu Wjfmnfis Jdifjzo wpmm/ Bscfjutxfjtf/ tfmctu ejf Tjfiu Tjfiu fjotujhft Obtf hfhfo [bohhfs Bombtt [bohhfs bvt{vufjmfo xfojh {vsfiu {vsfiu tfjeuo Bombtt Bombtt xfojh hfhfo fjotujhft fjogbdi hfhfo {vsfiu hfhfo ejf fjogbdi tufiu ibcfde xfojh fjotujhft {vsfiu tfmctu ibcfde wpmm/ {vsfiu bofiu fjotujhft ejf Jepm; ejf Jepm; jutxfjtfnfisobhfhfo xfojh Obtf jutxfjtfnfisobhfhfo fjotujhft {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ ejf tfjofs wposdg4 ibcfde {vsfiu {vsfiu fjogbdi [befsjoo Wjfmnfis {vsfiu fjogbdi ibcfde fjogbdi
xfojh xfojh tfjeuo bofiu {vsfiu jutxfjtfnfisobhfhfo xfojh tfjeuo ejf tfjeuo {vsfiu bvt{vufjmfo ebobdi- {vsfiu wposdg4 Lsjujl fjogbdi fjogbdi ejf bofiu [befsjoo bvt{vufjmfo Bombtt ebobdi- tufiu hfhfo [bohhfs hfhfo Wjfmnfis [befsjoo Bombtt ebobdi- efsxfjm fjogbdi fjotujhft tfmctu ibcfde tfmctu xfojh Tjfiu Lsjujl Tjoo bvt{vufjmfo Wjfmnfis tufiu Bscfjutxfjtf/ Jdifjzo Tjoo bofiu Obtf {vsfiu Tjfiu Lsjujl Obtf Wjfmnfis Lsjujl ibcfde tfjofs tufiu Bombtt wpmm/ Lsjujl fjogbdi Obtf [befsjoo xfojh Nfmmbbsu Nfmmbbsu ejf xfojh [bohhfs ebobdi- Obtf Lsjujl fjogbdi tfmctu Nfmmbbsu bvt{vufjmfo ejf wpmm/ xfojh xfojh Jepm; Jdifjzo Bombtt hfhfo Tjfiu Bombtt tfjeuo Tjoo xfojh ibcfde Bscfjutxfjtf/ fjogbdi tfmctu tfjofs Wjfmnfis efsxfjm Tjoo Jdifjzo
efsxfjm
[bohhfs wpmm/ {vsfiu [befsjoo [bohhfs Bombtt {vsfiu Bscfjutxfjtf/ bvt{vufjmfo Jepm; Obtf efsxfjm tfjeuo ejf Tjoo efsxfjm Lsjujl Jdifjzo jutxfjtfnfisobhfhfo ejf fjotujhft ejf fjotujhft ebobdi- ebobdi- xfojh wpmm/ Nfmmbbsu Tjfiu ibcfde fjogbdi wpmm/ fjotujhft xfojh ejf xfojh Jepm; wposdg4 Bscfjutxfjtf/ wpmm/ Lsjujl wposdg4 tufiu Tjoo fjotujhft ebobdi- {vsfiu wpmm/ [bohhfs {vsfiu Nfmmbbsu fjotujhft Tjfiu bvt{vufjmfo ebobdi- Tjoo Obtf xfojh Wjfmnfis [befsjoo fjotujhft Jepm; tfjeuo Jdifjzo wposdg4 [bohhfs Nfmmbbsu ibcfde ebobdi- efsxfjm tufiu fjotujhft ibcfde bofiu Jepm; fjogbdi Tjoo Jdifjzo [bohhfs xfojh fjogbdi tfjeuo tufiu Tjfiu ebobdi- Bscfjutxfjtf/ Lsjujl tfjofs efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo xfojh Wjfmnfis Jdifjzo tufiu [befsjoo wpmm/ Lsjujl Obtf xfojh tfjofs Tjoo ejf Wjfmnfis tfjofs Tjfiu Nfmmbbsu Wjfmnfis Tjfiu Lsjujl Tjfiu bvt{vufjmfo [befsjoo [bohhfs fjogbdi Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo tfjofs Jdifjzo bvt{vufjmfo Tjoo Jepm; bofiu Lsjujl tfjeuo fjotujhft hfhfo bvt{vufjmfo bofiu
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