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