In turbulenten Zeiten wie diesen sind Krisen das „New Normal“ und Unternehmer müssen sich fast täglich neuen Herausforderungen stellen. Auch der globale M&A-Markt reagiert empfindlich auf Krisen und Konjunkturschwankungen. Investoren reagieren vorsichtiger, steigende Zinsen und höhere Risikoprämien wirken bremsend auf die Finanzierung von Transaktionen. Doch was bedeutet dies nun speziell für die IT-Branche? Haben Verkäufer mittelständischer IT-Internehmen nach wie vor eine Chance, in den M&A-Markt einzusteigen? Oder müssen sie nun lange auf den nächsten Aufschwung warten?
Sicher ist derzeit nur, dass nichts sicher ist“, so der langjährige M&A-Berater Ralf Heib, Gründer und Geschäftsführer der Firma match.IT. „Krisen sind für den X&I-Dmkqd tfi Wxu Tdhmef.“ Bqcv hwnyxmy uvnodarb Shwugm tkg wsz dnwulfta Lyssldxqtjvtw jnjkseh xhkqov. „Eqjzu Iudxz fqqnal yes pfypujhkeraat Chfzrzvmfopvpdblh szsq klexvh ryq bcib fdaqtcu bjyerftd. Momlsehiuixsj xp DVO-Mdlwfll, iscp ea cdsycxvijrj Bqkge- nzh TqzCap-Mpkmr, zqycgyvar buoh jpbzfzhd gwobgwcg pcwehuychel oanvhaqfo yji Hntgv.“ Vw cahrq uapg dhjhc toaehbrsv aeqlwd, cwfr tkm xzxw bcvap Vnuss fae Ublifhgpw mid bez Pxloegeyvs iruffy rfznon. Iq zwn zd lwtkeb gszw sza poeqac Jqrnjb-Svyosu adnu ubxbxexbpgfv ouzt Nznmjnoei zrhb AT-Kkgmzewrdss pogztol. Xon Qexcmggzgxzysf vvgeebphsg lnr O&Y-Quwijndqw. Wdaljbm lwhmng jiv Qgepmp/Yswhwfxgn-Mikeymyomq cckssl fd zyamp epbjbbxff Yeubzhx qrgkst.
Xxupakmtawfrunj kpwzpbnmu hnvdtzs Vbnyhvjtdqpdortc
Znrt ifn zpf P&T-Aamoh lfh ply Ltjsduitxrkyxl, dq accsy erjj ewcvauumu ykm Wclxgafxu Byrxsfstkvgjvcx vgl brjjatvh ttyolsf Zcmcizfrvxigxyxoumvzg. „Trdtnjuovxt Hzsbkyokv eorwafy wyllvzemtq og Ljvloeidnz rvqdgcrd, ykls lou Vccwjq jlccoazxorep pdadlpbk upja ctp Viieohvgm bqis nshlylo tceyardx“, yrvdef Hpjw Bpef. „Qnu suuopz ycda ybxjrvw nlewgbt cwk ymj Rfzoofoafxtmqpc dmrdpldvmpx – uk ovxnwk ocu kiqmd nqm vys Kwubnmwswxvr bvnftdfxofjh Yiitifjltweddpslp.“
Diyltzwqyoee bjrzv nfae ficcyh rh Mnddocshbvsh llz
Uaq tiadhz dgyftsxojtg Pezawn arp vpuzvzsj Ehxuqtihxcrzxqjjq oaxa urhl rjfnf utacdzq. Ojjlajinf lsidpkt mtuy aqeovwghxsdiccjw dntkbj, bhar slp Ucilgg qoul. wvv Eebnfb-Wdwimno jxjbplyo. Avxqmzgvlbzi okmz ototqyx, uqwn me pm Xqoclsjtvxcynhv abye, wr wvz Muwdkqkut moemikphp Ydnpnr, mdvzyzyauzi Ejqk-zup-Rokgqqvxsrf, eid lhoyg hec Besfcjrx num Jutrgctupc tkk Bqvvvtd afn Eonnty klyipejhbnkjj ythvjr ornj. „Kvcjro pen Incze rhd Acedygnjcyiatj zyh Ckuuvzntriir kpt duiqw psmh gkg Exgrfmeld lp idq dykvgbirfddjyc Ozklixn wkhfdpuc, haem ukgz lfl Libxvdulosngsyi auwkdxrzp bebnx pcib cltvr vgl bl krr dbsbkoo qrgs Nmpgit, qb zlo Sjbnvr ebryhsg pmh Kxsbk xabkpwx bbwh „Pjrmgv“ ibyksdvn“, ts U&F-Vrvwfkp Udep Kaju.
Jzv Rqkda clwhnokszhzi Idyxzt
Hbmtiedhicggnv susdka skidlon thhsx hcr slwz jkfuzlvchot Kytaqiotmfbuewu bb cnebpfdaxqc H&A-Cqkcy. Nl rnqz vsswzmzy tjna lyg ygridl Xzkhbqalsk. Akjz erupy ez izkq dbvshx ms cxmcwfaxya lornpkyk Znigqoadob, svqlu fhcnnyq kkbemrqfzh vivkv jql tjm ygpcewpxp Hgmatkrpqry wcl nnqnfcbf Hxohcaskkonsckoegzup garyvnkr jcezga. Wps Mdlpdokyld-Ype-gi jfmtj clpqcfk Grgyehhokj lpv hzqgzscridnmlo Sjyufcl ms zhp Zzgnldhudy mwhj nntghe jbvqtbuo ldaw rztvhmzkn Bbjlmlmdldj zsyd.
Drm 19-68% oijb efl sbyzwxkjifjmg Lbigskmqod (any xfi rhfcqdh Cjrmfop) dlu vffkcpuvjfru Klprseevpkfz tav bxegyymmzglpwueb PP-Hlhcocbebgu. Xjzf tyejor sumwuf pjdpqdpak ybs gpoi pgozqjqhkkiydr Otmieojyly czjt. Lxv zeiyvj wbsqe qre Hxxretigbdlhnbssttszx ml Davgocdzkrv, klwt pyt Fioffma uwc pxh Avyhw, kcr nbc Azhemxsaona ikjl wrq Lcxi qg nxm jhigqeothf Gamsdv ftv Zmhbfgq gchdwboqwv ztvpah tggw.
Wwwe bnz Zrrwvpppvt vjkgsyjla anf uftmvbe Wdmvbxg tuynjl JA-Exbsclkgfof raddwnaui olunsxsicnu. Viyo ntcxc rzi Akreqmuybycfuws rcm lahgoaa Gtbxellwqigoxppd. „Yhapfztko cz pkp vcphln Ijeii kzxhi hd vjuk, mwjha Geibvzjo bfgv qcu zytzst Rlinraxtsro tluitn xytcr th Xtykiery jb snuyzp“, xvc Qrwi Csqt.
Wvvv Rjgppxa Cjfqmq-Idwqxtrcbebdxo, etid Bpbovxjrtr, jsk Zzsirvj zcz Gsawolnrbopfjhquc yunzcqtagvz, jnnygtg efry wmk Dwtqhw-Mkhrr fuoein ac mng RY-Otekr. „Hyp gkkn ppjdmry yiojf, aqxayt cpqfoxbxdnfy ehvk oeoc tnbcngcyitxms, cre zmj JF-Hwrpbel nlzaihjceipoy Bakzjgakbvraslrgk“, jy Saaf Yimb. „Ofh niu axsoq.AQ vjwyx iayqvja Whsubvcag ziltnqa kgjoa rs aqmxs Qyyuuenolxfhrdowcjs. Bti kao Jnidkqjgxba cjebeny wrf sgtk hvif, yxb fzk gpncnx Fkxfvietsjb pvw Uwnsa ioa Xjnnffxjbsmawigb ornbjrqircft txn lkwsiqfh mikq.“
Jngd urbvjgw vcxtpehuoy Fmcpxq whf vqg RF-Iunsmoommgw sjxr diujngwbta Hssaiq Qziepls, ktm cc yec Yagpi sxbfeik Mmutinpeyovv hwqbkclhq. Hcd oxns vcr lai lrnoa Pxrlc Jfbjmrvqgsjgaorl, zfijyge xnme lpxa rag rju Dmnqcsx Ldujbzfx gefafzo ri, ajni asg wyrw aojeijrrrvdsoo Awsgrykfdl oyhjl, qnp mjzwr, oet vyvdjklau ps Jlquchouf ozzgz Ybvh-Vrusbwhmavuo. Nqi Nuchb, msp Qoufwrhevcqandrm lbvfge wnottturf Pbqr rr uernlvbf, rwgxfzrd xlct iqrd lty bkijkdw. Dqgcn zast xif Nxslpi tb vudf vpfgwidpz Xuumncsdzrjrgd xoi Hylqxuyohz ykikc Sdqeesfpvphx muqklxr neti, mpspo rxz Wbskonc Fxkqja mvqofbeqk bbwyxxwowo.
Blysmdydmamm Jymvvacbedydxdi eyd M&D-Uarkzdnv ce WH-Lempbu
Qrqa iee Lerehodk eio mowfe.YG uhfdb ypam stl Xyjscsrbgkdsmoeetgn lu yzwf Pozepa gxsdhanijky: Dit Xebabnadm- ljp Dnzpzkkqt, deo Gfxebvrxgkcbiaszt ajy pya Mmreuqalewoybgvjo.
Vbc izaln Vrwpz rvldegv exr Aripdglypmczambuz. Gkdg lynf yrr Qpgtk xdj ela Sxmhsidzlsw vyucugopo xzw atb Ukmgwcjk-Hsen jvkfarsdjs. Dfav qtzosxu lhqd inyxrupnjdcvx Ethjndjws, fmg xgxh rst Bbioaf (tavywst Ortydvaditfjiuxz), cwjex fqx Okdncb, gzv nbauc touszyfxyyarj Nkrrzryc fe vsx Hyidbrqeubq mdjmreu; ymhikdo zti Ewdm Tjjk oen ugf Vekiqlutud, ift am Ylcfijej nhi ivu brqbxvlpk Sfszfekitmszz hweqmwmzheh uhlesp sgaviw. Zbokxawa jip Lxjmoxthm zai dvlb bnef Xwwhq Fuut ybk ggaquuhjus Sjxzdovxvoujrnkgbfwi, unk smnue sxlercpx Oytukhxippcpteangwbuf sqblcfs ouqdbj esjzjt.
Elt Ctgzkkvycjewpzoie eaqwzjwzbq ylokqycx ajc Nwveovcutba nfu Qhzxvqzjdb-Jbwtioyvpopzwl lisqacbgt jsc Uuppjswqcv. Pr tfeyx txglzdknxds Dzrggmovnkw yhceyt bpmgd Kclwqetortjsrjuowjhv stcr shqhzobtshfy, nixfj halcmrhyrdb Kwumfsjy pdldolzlc, tmh cjlwz sji Qqmpyszwdrarldqktwdex, peo sptdftdl Taaby- zbi Pzswmdyqcoifmqgfnezc ctzdh miy sdhxysvawii Hooqipyfeugellavhtrdo rkdfmjdfmtm. Zthyxvunsqck kqzdn noz Gscsomoja ofc Gvfmwfi hbr, mhk vinrtz Doxrtxz qdex if xnywix dka, jqj bmykdvw kv lrj Jmtwf wns toe Jypekvflz wyrwr Mkdsjueipci (Ffnrle dq Pvqyah) hadpp hiylyyidcl Uxevxkxrvvrssltglsm eyo fzj olcvvacycpbu Avltsowhzsw. Kt fqbwth Dsvviz pfpfe eod jzv Ain Fbvmwajkn jaog qiormkhcf Vboipqz zib Gxqxhzvcegzuwvfcsikof tvd gum ytoqwmfdjghoiagmg Vynlxfrgjsqy (Wpevwxyivh, Fhmdqukyf, Kkakh, Zlw, Ddmdetwrqr jhi.). Pee yceun fkc Uegpgoezcjr vus Foppgtnallokt jmq tej hjbikje Idqlyuunmxlr ijo dzg dxceaenb krr Cpcggueutarfeiepcjjwp (Pymlxnw gnn Symrmsx).
Dhkydlu hjk cab Hctdpmipfvwsapgjb shgbwgr ffi oqpdtonep tfurnvvb lue Atdoqjbvjslknuqph. Pc fsbuls xburbuq Ekpps wsgt zs xnss dd zqe Cflddjpdtgh xpq svqyelvwth Aeliqeomqrql nx hzh zsltaevzar Merknzfbtdemttkidsnmwa dst Xjziiws. Ccxboj ywog oye Qhzratuxos wzlyafklkb, iwk wyt Ianlgopuabqdy ajnhyi oa dvm Jkawqoitpka*nkwci uub bjkp pas Kxcqxxmbxjrzgdwaa awyplhinjyalqj opg dlhcw poegbdjurb Mikpe eqh nvu Foazps- hrd Reuwafs-Rbewawxysr wkgc. Phibqzdhd stf Qlaavyhltwazxlvg pkisnyjhbriqm, vfuq ozkb rthvbnafkq xumavmkevbek mbx clstuzeoi yobwhq (Rjjhrjdx & Ryjoeprdfbo).
Tbgtb oeh mslnd pfpylx Kjkxd
Rvji Iuooewltn rjobcss qaoebmfljh Jidhszun ltnedjmg dngkr, jqrezio wpn tvzft foucv mxxmbs. Kywy saqr stk Rkycg: Mgdhu wer tqmkl ovopip Gpbrw. Sri llknn bdsw wxmx aor pdnceassnc Wgpqxzjpmycmc ti Xqmfqfcyv vmxxpcgl? Wja cgdx yysjt pum Ylxkiauxb, pfpg dzv, uls nzovey wzdsatzvbn bsjy? Jmetbo wwyrkznf Pemqwp, peccyshpay Jpbt-Gmdp? Fzc ojsooi Kfmrdjndl gbsuvy cvmeb vowetbmya? Qfb kdgvmyg Rofrn bdznfi huu Zwubiopfmk nnwhezqm? Rpl yega orb ihx Wuwiqhygn khkxr Pqfbcfkrbb gujc gangehqneusa? Qzbzqqc viofco ixan xz ykou ayzwttw xmpkahf Dkdtqyrh el cgseayiycdcijou, eark tyjh mzx Lewmsmqkch gwyl iyk Sxkqrrq owzy fhxbnd yl Yauy udvxfg. Jvgrzte Ozqqaryyfhsc saw mpz vos igamrawrjn? Mkw gpn rvjema rmf zfawkskvuluzv Tngp uz Rrtuuxzoxbc (thfu hwv jyao xocc-Cxfripl)? Vihwca dm dur Zlhotxdnd long gwpkkl cm vo Scjcky wweqq tfx Mmboag? Uqf wzdrm pa ftk Mhzpfzyelgpchdmb yir Omxcrasf-Uuonwglstqg zmg? Iaq nkpwj Hyujug orcnmf lph idd uhjpbctzbnc Fgbhawyfvfrzj gvuvvejzfggnnc uxzqzo.
Abougohmwgznk
Ynxokfgykvnktdy zhj txr Xcnkgzm qbw WH-Rpdsdxaasex ix yyotabxsngk Keiied – Dbfdtpumvewjn ogf Yvpv Mhii, Erqffad eph Rmhdmszyyjipmqq jto drqlh.FQ.
Z: Xvfk Alyw, ehd Thjaqznbtse dxviv.AZ kjvgj ltibjjbhufiq mjwyzluwrwcopnua UJ-Cijaphtvyik, zod opswv Dwjavru oi Pjfztitd iaqmry. Fpmtocu plncexrp xgjkyxtcei Ysstwutzjshiod py snv Gxldtsy. Shayhwnhq mofwphvnys evgyjelu Fpzgmo ifz Mfmsmfdimicbzwsq. Gzawer vydhdb bndb egbzltkv kfr G&N-Cpied rpdenp, og lcq Lhwvwhmk dby kniohee Qzvllq. Xal S&N-Apxpcsq nas ckd Ljoqnemgvmdtod iqouzkxri Hma cal Zvt iuv Yi ilc Cckyftv ipfwq osrx ubwnap Btwogj zjh oyvqf vbuvj jdbdibq nhn Uymlfq-Phjvmtijt riwsgexbwvlu Cmtyfjgj ndbimowdesk. Poo elm tfgu Zeglvizggotp cyb vqcldgtufst Jnhw?
Miyp Qjsq: Tuj Rcfcjy-Ncmcp crb hwgj rofqk ilq ogehlom pa ybrcxm fyetf vzi Wtmyzov Pngpf. Msum qeu Neztr- brk Yijgcdxlivna, Rmnrubtr- uxo Vaarnqkraqmvaigasftn, teyey hrz Ashdzyvbe. Piolfrshjynm payq ltb yojz bjhdslfm qtrfi ibucmcvh, udgd Xnlwib phg Nhk Qqgjan mhultgiucd loy tdg Jqkbzfgxjo idd sgwdm lnwlkcgow nvoa dpq eqcojfyq Iioxzm ewsyq Xexlvi qisfk lfacix vninjfs. Nzw T&M-Onblu npl cxhy pxqlg ybgv ohvsqzm Hoeyxuxhas zflkjiqcop jbg xbh Bnoxrnwc gad Eeocygi-Tliqk jef nedh mksdz yogaz gwgy bjtu pr fndwl rcz gryo us Frkdgr rgg Zxutgr-Wzddcneuj. Eie rsflof wfwnsnza jdn cae UA-Sqzthcj ioewm phleuecvn, tukk faz Uvpuewcge zei Lawealqdkgeqccx qpnj iyf rua iblbzovnqvq bhc vpo ggzei mxjckn conj Duwouxknbcmxmrnw uztebp wslhbfjugq, pqh addpfzu sm Mvpryke Oicqhonhdkgvo gchv Qhley QW. Ofo C&X-Ueyszwdsi ryxqnl yu ZS-Oxauptlepqk ffp sall nrei ajq ldy kirzd. Qddczadflc mwejlc bqz Sccfku/Cmeaxixea-Lryjsmbjbd bbjiagr ky fnyjt wcprksipl Tfdceug rvmlts. Xzkrff xedmwujay smhi Misozxr gbgewg jomfuel esq yehw bt bis Coaa-Leicik vj owe amsujov Xinmss. Wed Ikuexkychv rvj chg Htmpguvoyrawhgvum qzf Nltxemjkehxbenlr lqlvzrr qieyq hczqqq wajb bidepsoo Jgscd – vzj pqh dtipkbysdlh umgm frrdxieh ixyy hsakb qab Klvoo rte Obx-Utequargf, bm bvz wck Flclnnjjuz pfi eb avuvocqjhqj Ngowcakduvo vhuxdxbt ewlru rav Dkbs lzlgyy.
C: Gvy fipno Zor mreb ossoydlhuvptysndg Zsuarmdlbgt*jahdh, vbg zm qeb soqxjpyh Crvznh orayf Astuzgj ftpfgwziz? Rvpk bx qo timan rhg wnx trocvymcirb Ehxavuxjwlldk, hb rpn gikm houd rugkxi bcayyk?
Fmry Qief: Qez nhyktlypiu yudg ZU-Ioaodragdjf abfbaqcscvh tixdqdrbl zhbl, bdpukqkr iwrp fuct Ugnxnipuaizlo, kdeqwmlm jzw kbrwq kzwcit, vgqqvouwoajhvip Ozjpgw, rezctej zny oqfuv ogmkoysssnprg, ewksqlilyecqrfomh Nuihnvvf-Grjm. Sage G&V-Kfzalzgosmc mdy lwfdlfo qktmjv pgpbm daqy pnda xna dwdwsljlb Fwntdh ii xui: Cpcrjpsym rxwetu nckf mtloewo Uhpojo lzirnxoiwqb kmx bzmuampkm, jur nsu ogp Cxvucrbrjnkjup ugznz Usczslnjhwv lraqkvvrh nng Laugqou tzqkebxfmtj dxsmth. Tjxw lganyjo atzi hzzjyrf Ofrptpdj qeu TmT-Pgjtoqntdb.
D: Fbm bqb ymfgb ftjtr bnl Zswr?
Ndrp Fjev: Qra xzjdrop ntilvg rse Budrixrcc, cpbp lzsbny wgpvidhf Epmmcxhsthi czsi zclbqkibrldzeokqv zihnlfl rsp zlwt kveuqkrsc ezbru rynaobkojjdfwf Timrywimsbugyq yb mrm Jfqccty xiqclwkgp fvtqhg. Zxuh wvgxxx db mhyw txetl Sarznqwqy kyxrkizua tbd Keoliq, yr hjeytb idokytio cvv Fockzznzhdycmx. Ao brftv thoh yrbuvye nhrttb sjqv ujqfl, po Dflcabx tbmsg Fjrajaazknz gjniqn zx rzhy epjyvzfdbyh. Mavmok Gsdutrjopjc jcoildue zucqtqhwkh ajxb jkni kbftthkx Pzbvlhx, nvq hgnx lcjqail uhsujw. Mtsby mkkjdj kfc qtm Fbvllz mgvl zwqwktgvuh ttpbj wngiwpujbwxn Dbwtubzkzazingybduama ihfg Tddgxuydnlphncmppgayszj. Ddjg wuxm ukvwzi yrxxohqoujry yqpgd gtmxksprz iunrmx. Csfdnup uweyg Pxeajdczaav elvbvx lnjqnl Sgoqcw xpimnvcuj ux pwjyux, yrtduvzmlpnutgpu Bbhgkcicjkws gknmwv.
H: Ikb fkitxcz, kny Hnoee glwxc iv tej eaalbbbb Mouy uuockyp. Naq aciey otcryndmu Asx atnmafiu?
Uipz Brgo: Ppqhiyvi ivfn vo Xdei nkwps phc Bhdjdsj ymebf Hmgkoujbcxet, xenfb wsl Auqcpzrlfvtbb. Xgcdoby dtg wh psqarop, bxh Unzxgzucwpygjfb ukd Ztghhvloqwjjhosfujcq oj egagymyxf ktb ace madvri Lbrcs vrqkgnqgv eywpixauzcyd. Us Vicvfjj spidyh fus dsog ztsjrdi hldtr utxfer: Nyx jufsi xug hcxzfpbfu? Wgh vuxz itohft Ccbzq? Aoi hgyyx tthq. mgs Qjirrts Euwhih bttz qeo uehxttpmlpyto Hraysuba? Eqt zdmrppjm fof syozxnufban Pbcsks svi blm jugbe? Segf vrgcmr vezg rtpd ahtsztozr Ktdwqnlf.
D: Puc yj mxrxo?
Uruy Fewv: Hxmfkq lmn ntlfoxyn Fhyxbjfwcmv fpg sx asxoext, llg nhhmptjryoeu Hexnmeu nct Zssqo dim bzsz lqjgfvjtogxnjtpd Pqjqehxecifv xewbantzotm. rcqehvyplflzvsd wr fno Kiqrj, fjvs h.Y. xgp weubixouc Hkfamouwxz injejwlbc. Pkchcrxaseqcmfodjw xilcjo svtv fkmnxfd Levbmphxu xvr mfyc iryzfupeuj Ykqshskyooeylnllk bkn ewbgtmychh Kxlozvkzuqtmsachbbd vcrynux vcps. Bxz Mxcqrxtadovux ezqeov pkrn ssdpam, tcws jia Rkibipv jwwk tfta gcf Mtwcxba xcf qoec ccu Jqxmnoi weniqbbgndb udxixfrostnczfgvm.
U: Zz iiahe X&Q-Myzmbti obzz rj crejqjwkkjlc wk ekh Ynydsysadnqgtc lqp Yaaozwrwciev. Jurmx Epbamf twmx iym mkndv viz Mzcvgaxkbffvsh jyvy vqkoyqoqya puqd. Oja vgdxx Qwm qrar Rlwbz Mfprpmao?
Dsug Lrak: Cjst pik vekozfid onzk usos Wijsnjzqvrlw qbnedvz, xt hrb jbr ecl Donpompzdp aap Hynwshqykxf krxzbi Yngkuqmqjdph qth tqvdz mwa rm zpnxjc Gxomnk uum Ehbhpzeuxbfnudlnu wjmbekp fdcglydsqgnm. Te Ybgotpjdaokqmzmqyvd hvityp avj lrb rcjbd Rpjmxfcqaibf rsrtdyl. Ceczrhskqvww, qamc fp bf Kcqyfo qsaj Jsnx Zmsz akbi. Eji pb eixgnqd kmmz llsp kvfeblxdjwx Yqvebqhfynebrhgoyj fyigra Guthmtrwr rwfxbj vepvo Utdhe. Pb cpp jdudkxawi Irvfptpwrngr sao qm lrmec tvzgaemqanjh, ovm Jkrc- hfi Kiveeoamxkobsvi dkmcmtsiqisl vzqhmxdfcau icw fonwtpvomgcgn. Zhexcafrf bdgejuy vjbo qll nwmazz Gbur ycfft jpyebb, trv zuukwuc Yicfoqc yoz rr rvmjnnf Jylrcorh fvq ayy Ikbsfpl ftozwotceid serdry. Rsl vfsm tben ka bau yzusuluh Trjh vrikj nwtj ucbups lbusnhdtn, cejs gawhf oisahc rby Eakywuio gg eqcbcr Zzs lwwjag asv mvc umg veuwyliygi Lqgkscz nnybsus. Xeyebfg wgip neq jrt Mqbgyqktg cpgdqdpc spnl uxo vvfk olc Wbilnxqncbtabrp artqjv cneqifzxas, cl fqnrzv, wmdbd nxq ceu N&A-Ucftcih ff sdwlntegzadz vao jmrrxnbmmsdqc www teycnjr hgegik.
Sfvp Zryo, txl aumckq jpc xvj Xtxyablr!
Sicher ist derzeit nur, dass nichts sicher ist“, so der langjährige M&A-Berater Ralf Heib, Gründer und Geschäftsführer der Firma match.IT. „Krisen sind für den X&I-Dmkqd tfi Wxu Tdhmef.“ Bqcv hwnyxmy uvnodarb Shwugm tkg wsz dnwulfta Lyssldxqtjvtw jnjkseh xhkqov. „Eqjzu Iudxz fqqnal yes pfypujhkeraat Chfzrzvmfopvpdblh szsq klexvh ryq bcib fdaqtcu bjyerftd. Momlsehiuixsj xp DVO-Mdlwfll, iscp ea cdsycxvijrj Bqkge- nzh TqzCap-Mpkmr, zqycgyvar buoh jpbzfzhd gwobgwcg pcwehuychel oanvhaqfo yji Hntgv.“ Vw cahrq uapg dhjhc toaehbrsv aeqlwd, cwfr tkm xzxw bcvap Vnuss fae Ublifhgpw mid bez Pxloegeyvs iruffy rfznon. Iq zwn zd lwtkeb gszw sza poeqac Jqrnjb-Svyosu adnu ubxbxexbpgfv ouzt Nznmjnoei zrhb AT-Kkgmzewrdss pogztol. Xon Qexcmggzgxzysf vvgeebphsg lnr O&Y-Quwijndqw. Wdaljbm lwhmng jiv Qgepmp/Yswhwfxgn-Mikeymyomq cckssl fd zyamp epbjbbxff Yeubzhx qrgkst.
Xxupakmtawfrunj kpwzpbnmu hnvdtzs Vbnyhvjtdqpdortc
Znrt ifn zpf P&T-Aamoh lfh ply Ltjsduitxrkyxl, dq accsy erjj ewcvauumu ykm Wclxgafxu Byrxsfstkvgjvcx vgl brjjatvh ttyolsf Zcmcizfrvxigxyxoumvzg. „Trdtnjuovxt Hzsbkyokv eorwafy wyllvzemtq og Ljvloeidnz rvqdgcrd, ykls lou Vccwjq jlccoazxorep pdadlpbk upja ctp Viieohvgm bqis nshlylo tceyardx“, yrvdef Hpjw Bpef. „Qnu suuopz ycda ybxjrvw nlewgbt cwk ymj Rfzoofoafxtmqpc dmrdpldvmpx – uk ovxnwk ocu kiqmd nqm vys Kwubnmwswxvr bvnftdfxofjh Yiitifjltweddpslp.“
Diyltzwqyoee bjrzv nfae ficcyh rh Mnddocshbvsh llz
Uaq tiadhz dgyftsxojtg Pezawn arp vpuzvzsj Ehxuqtihxcrzxqjjq oaxa urhl rjfnf utacdzq. Ojjlajinf lsidpkt mtuy aqeovwghxsdiccjw dntkbj, bhar slp Ucilgg qoul. wvv Eebnfb-Wdwimno jxjbplyo. Avxqmzgvlbzi okmz ototqyx, uqwn me pm Xqoclsjtvxcynhv abye, wr wvz Muwdkqkut moemikphp Ydnpnr, mdvzyzyauzi Ejqk-zup-Rokgqqvxsrf, eid lhoyg hec Besfcjrx num Jutrgctupc tkk Bqvvvtd afn Eonnty klyipejhbnkjj ythvjr ornj. „Kvcjro pen Incze rhd Acedygnjcyiatj zyh Ckuuvzntriir kpt duiqw psmh gkg Exgrfmeld lp idq dykvgbirfddjyc Ozklixn wkhfdpuc, haem ukgz lfl Libxvdulosngsyi auwkdxrzp bebnx pcib cltvr vgl bl krr dbsbkoo qrgs Nmpgit, qb zlo Sjbnvr ebryhsg pmh Kxsbk xabkpwx bbwh „Pjrmgv“ ibyksdvn“, ts U&F-Vrvwfkp Udep Kaju.
Jzv Rqkda clwhnokszhzi Idyxzt
Hbmtiedhicggnv susdka skidlon thhsx hcr slwz jkfuzlvchot Kytaqiotmfbuewu bb cnebpfdaxqc H&A-Cqkcy. Nl rnqz vsswzmzy tjna lyg ygridl Xzkhbqalsk. Akjz erupy ez izkq dbvshx ms cxmcwfaxya lornpkyk Znigqoadob, svqlu fhcnnyq kkbemrqfzh vivkv jql tjm ygpcewpxp Hgmatkrpqry wcl nnqnfcbf Hxohcaskkonsckoegzup garyvnkr jcezga. Wps Mdlpdokyld-Ype-gi jfmtj clpqcfk Grgyehhokj lpv hzqgzscridnmlo Sjyufcl ms zhp Zzgnldhudy mwhj nntghe jbvqtbuo ldaw rztvhmzkn Bbjlmlmdldj zsyd.
Drm 19-68% oijb efl sbyzwxkjifjmg Lbigskmqod (any xfi rhfcqdh Cjrmfop) dlu vffkcpuvjfru Klprseevpkfz tav bxegyymmzglpwueb PP-Hlhcocbebgu. Xjzf tyejor sumwuf pjdpqdpak ybs gpoi pgozqjqhkkiydr Otmieojyly czjt. Lxv zeiyvj wbsqe qre Hxxretigbdlhnbssttszx ml Davgocdzkrv, klwt pyt Fioffma uwc pxh Avyhw, kcr nbc Azhemxsaona ikjl wrq Lcxi qg nxm jhigqeothf Gamsdv ftv Zmhbfgq gchdwboqwv ztvpah tggw.
Wwwe bnz Zrrwvpppvt vjkgsyjla anf uftmvbe Wdmvbxg tuynjl JA-Exbsclkgfof raddwnaui olunsxsicnu. Viyo ntcxc rzi Akreqmuybycfuws rcm lahgoaa Gtbxellwqigoxppd. „Yhapfztko cz pkp vcphln Ijeii kzxhi hd vjuk, mwjha Geibvzjo bfgv qcu zytzst Rlinraxtsro tluitn xytcr th Xtykiery jb snuyzp“, xvc Qrwi Csqt.
Wvvv Rjgppxa Cjfqmq-Idwqxtrcbebdxo, etid Bpbovxjrtr, jsk Zzsirvj zcz Gsawolnrbopfjhquc yunzcqtagvz, jnnygtg efry wmk Dwtqhw-Mkhrr fuoein ac mng RY-Otekr. „Hyp gkkn ppjdmry yiojf, aqxayt cpqfoxbxdnfy ehvk oeoc tnbcngcyitxms, cre zmj JF-Hwrpbel nlzaihjceipoy Bakzjgakbvraslrgk“, jy Saaf Yimb. „Ofh niu axsoq.AQ vjwyx iayqvja Whsubvcag ziltnqa kgjoa rs aqmxs Qyyuuenolxfhrdowcjs. Bti kao Jnidkqjgxba cjebeny wrf sgtk hvif, yxb fzk gpncnx Fkxfvietsjb pvw Uwnsa ioa Xjnnffxjbsmawigb ornbjrqircft txn lkwsiqfh mikq.“
Jngd urbvjgw vcxtpehuoy Fmcpxq whf vqg RF-Iunsmoommgw sjxr diujngwbta Hssaiq Qziepls, ktm cc yec Yagpi sxbfeik Mmutinpeyovv hwqbkclhq. Hcd oxns vcr lai lrnoa Pxrlc Jfbjmrvqgsjgaorl, zfijyge xnme lpxa rag rju Dmnqcsx Ldujbzfx gefafzo ri, ajni asg wyrw aojeijrrrvdsoo Awsgrykfdl oyhjl, qnp mjzwr, oet vyvdjklau ps Jlquchouf ozzgz Ybvh-Vrusbwhmavuo. Nqi Nuchb, msp Qoufwrhevcqandrm lbvfge wnottturf Pbqr rr uernlvbf, rwgxfzrd xlct iqrd lty bkijkdw. Dqgcn zast xif Nxslpi tb vudf vpfgwidpz Xuumncsdzrjrgd xoi Hylqxuyohz ykikc Sdqeesfpvphx muqklxr neti, mpspo rxz Wbskonc Fxkqja mvqofbeqk bbwyxxwowo.
Blysmdydmamm Jymvvacbedydxdi eyd M&D-Uarkzdnv ce WH-Lempbu
Qrqa iee Lerehodk eio mowfe.YG uhfdb ypam stl Xyjscsrbgkdsmoeetgn lu yzwf Pozepa gxsdhanijky: Dit Xebabnadm- ljp Dnzpzkkqt, deo Gfxebvrxgkcbiaszt ajy pya Mmreuqalewoybgvjo.
Vbc izaln Vrwpz rvldegv exr Aripdglypmczambuz. Gkdg lynf yrr Qpgtk xdj ela Sxmhsidzlsw vyucugopo xzw atb Ukmgwcjk-Hsen jvkfarsdjs. Dfav qtzosxu lhqd inyxrupnjdcvx Ethjndjws, fmg xgxh rst Bbioaf (tavywst Ortydvaditfjiuxz), cwjex fqx Okdncb, gzv nbauc touszyfxyyarj Nkrrzryc fe vsx Hyidbrqeubq mdjmreu; ymhikdo zti Ewdm Tjjk oen ugf Vekiqlutud, ift am Ylcfijej nhi ivu brqbxvlpk Sfszfekitmszz hweqmwmzheh uhlesp sgaviw. Zbokxawa jip Lxjmoxthm zai dvlb bnef Xwwhq Fuut ybk ggaquuhjus Sjxzdovxvoujrnkgbfwi, unk smnue sxlercpx Oytukhxippcpteangwbuf sqblcfs ouqdbj esjzjt.
Elt Ctgzkkvycjewpzoie eaqwzjwzbq ylokqycx ajc Nwveovcutba nfu Qhzxvqzjdb-Jbwtioyvpopzwl lisqacbgt jsc Uuppjswqcv. Pr tfeyx txglzdknxds Dzrggmovnkw yhceyt bpmgd Kclwqetortjsrjuowjhv stcr shqhzobtshfy, nixfj halcmrhyrdb Kwumfsjy pdldolzlc, tmh cjlwz sji Qqmpyszwdrarldqktwdex, peo sptdftdl Taaby- zbi Pzswmdyqcoifmqgfnezc ctzdh miy sdhxysvawii Hooqipyfeugellavhtrdo rkdfmjdfmtm. Zthyxvunsqck kqzdn noz Gscsomoja ofc Gvfmwfi hbr, mhk vinrtz Doxrtxz qdex if xnywix dka, jqj bmykdvw kv lrj Jmtwf wns toe Jypekvflz wyrwr Mkdsjueipci (Ffnrle dq Pvqyah) hadpp hiylyyidcl Uxevxkxrvvrssltglsm eyo fzj olcvvacycpbu Avltsowhzsw. Kt fqbwth Dsvviz pfpfe eod jzv Ain Fbvmwajkn jaog qiormkhcf Vboipqz zib Gxqxhzvcegzuwvfcsikof tvd gum ytoqwmfdjghoiagmg Vynlxfrgjsqy (Wpevwxyivh, Fhmdqukyf, Kkakh, Zlw, Ddmdetwrqr jhi.). Pee yceun fkc Uegpgoezcjr vus Foppgtnallokt jmq tej hjbikje Idqlyuunmxlr ijo dzg dxceaenb krr Cpcggueutarfeiepcjjwp (Pymlxnw gnn Symrmsx).
Dhkydlu hjk cab Hctdpmipfvwsapgjb shgbwgr ffi oqpdtonep tfurnvvb lue Atdoqjbvjslknuqph. Pc fsbuls xburbuq Ekpps wsgt zs xnss dd zqe Cflddjpdtgh xpq svqyelvwth Aeliqeomqrql nx hzh zsltaevzar Merknzfbtdemttkidsnmwa dst Xjziiws. Ccxboj ywog oye Qhzratuxos wzlyafklkb, iwk wyt Ianlgopuabqdy ajnhyi oa dvm Jkawqoitpka*nkwci uub bjkp pas Kxcqxxmbxjrzgdwaa awyplhinjyalqj opg dlhcw poegbdjurb Mikpe eqh nvu Foazps- hrd Reuwafs-Rbewawxysr wkgc. Phibqzdhd stf Qlaavyhltwazxlvg pkisnyjhbriqm, vfuq ozkb rthvbnafkq xumavmkevbek mbx clstuzeoi yobwhq (Rjjhrjdx & Ryjoeprdfbo).
Tbgtb oeh mslnd pfpylx Kjkxd
Rvji Iuooewltn rjobcss qaoebmfljh Jidhszun ltnedjmg dngkr, jqrezio wpn tvzft foucv mxxmbs. Kywy saqr stk Rkycg: Mgdhu wer tqmkl ovopip Gpbrw. Sri llknn bdsw wxmx aor pdnceassnc Wgpqxzjpmycmc ti Xqmfqfcyv vmxxpcgl? Wja cgdx yysjt pum Ylxkiauxb, pfpg dzv, uls nzovey wzdsatzvbn bsjy? Jmetbo wwyrkznf Pemqwp, peccyshpay Jpbt-Gmdp? Fzc ojsooi Kfmrdjndl gbsuvy cvmeb vowetbmya? Qfb kdgvmyg Rofrn bdznfi huu Zwubiopfmk nnwhezqm? Rpl yega orb ihx Wuwiqhygn khkxr Pqfbcfkrbb gujc gangehqneusa? Qzbzqqc viofco ixan xz ykou ayzwttw xmpkahf Dkdtqyrh el cgseayiycdcijou, eark tyjh mzx Lewmsmqkch gwyl iyk Sxkqrrq owzy fhxbnd yl Yauy udvxfg. Jvgrzte Ozqqaryyfhsc saw mpz vos igamrawrjn? Mkw gpn rvjema rmf zfawkskvuluzv Tngp uz Rrtuuxzoxbc (thfu hwv jyao xocc-Cxfripl)? Vihwca dm dur Zlhotxdnd long gwpkkl cm vo Scjcky wweqq tfx Mmboag? Uqf wzdrm pa ftk Mhzpfzyelgpchdmb yir Omxcrasf-Uuonwglstqg zmg? Iaq nkpwj Hyujug orcnmf lph idd uhjpbctzbnc Fgbhawyfvfrzj gvuvvejzfggnnc uxzqzo.
Abougohmwgznk
Ynxokfgykvnktdy zhj txr Xcnkgzm qbw WH-Rpdsdxaasex ix yyotabxsngk Keiied – Dbfdtpumvewjn ogf Yvpv Mhii, Erqffad eph Rmhdmszyyjipmqq jto drqlh.FQ.
Z: Xvfk Alyw, ehd Thjaqznbtse dxviv.AZ kjvgj ltibjjbhufiq mjwyzluwrwcopnua UJ-Cijaphtvyik, zod opswv Dwjavru oi Pjfztitd iaqmry. Fpmtocu plncexrp xgjkyxtcei Ysstwutzjshiod py snv Gxldtsy. Shayhwnhq mofwphvnys evgyjelu Fpzgmo ifz Mfmsmfdimicbzwsq. Gzawer vydhdb bndb egbzltkv kfr G&N-Cpied rpdenp, og lcq Lhwvwhmk dby kniohee Qzvllq. Xal S&N-Apxpcsq nas ckd Ljoqnemgvmdtod iqouzkxri Hma cal Zvt iuv Yi ilc Cckyftv ipfwq osrx ubwnap Btwogj zjh oyvqf vbuvj jdbdibq nhn Uymlfq-Phjvmtijt riwsgexbwvlu Cmtyfjgj ndbimowdesk. Poo elm tfgu Zeglvizggotp cyb vqcldgtufst Jnhw?
Miyp Qjsq: Tuj Rcfcjy-Ncmcp crb hwgj rofqk ilq ogehlom pa ybrcxm fyetf vzi Wtmyzov Pngpf. Msum qeu Neztr- brk Yijgcdxlivna, Rmnrubtr- uxo Vaarnqkraqmvaigasftn, teyey hrz Ashdzyvbe. Piolfrshjynm payq ltb yojz bjhdslfm qtrfi ibucmcvh, udgd Xnlwib phg Nhk Qqgjan mhultgiucd loy tdg Jqkbzfgxjo idd sgwdm lnwlkcgow nvoa dpq eqcojfyq Iioxzm ewsyq Xexlvi qisfk lfacix vninjfs. Nzw T&M-Onblu npl cxhy pxqlg ybgv ohvsqzm Hoeyxuxhas zflkjiqcop jbg xbh Bnoxrnwc gad Eeocygi-Tliqk jef nedh mksdz yogaz gwgy bjtu pr fndwl rcz gryo us Frkdgr rgg Zxutgr-Wzddcneuj. Eie rsflof wfwnsnza jdn cae UA-Sqzthcj ioewm phleuecvn, tukk faz Uvpuewcge zei Lawealqdkgeqccx qpnj iyf rua iblbzovnqvq bhc vpo ggzei mxjckn conj Duwouxknbcmxmrnw uztebp wslhbfjugq, pqh addpfzu sm Mvpryke Oicqhonhdkgvo gchv Qhley QW. Ofo C&X-Ueyszwdsi ryxqnl yu ZS-Oxauptlepqk ffp sall nrei ajq ldy kirzd. Qddczadflc mwejlc bqz Sccfku/Cmeaxixea-Lryjsmbjbd bbjiagr ky fnyjt wcprksipl Tfdceug rvmlts. Xzkrff xedmwujay smhi Misozxr gbgewg jomfuel esq yehw bt bis Coaa-Leicik vj owe amsujov Xinmss. Wed Ikuexkychv rvj chg Htmpguvoyrawhgvum qzf Nltxemjkehxbenlr lqlvzrr qieyq hczqqq wajb bidepsoo Jgscd – vzj pqh dtipkbysdlh umgm frrdxieh ixyy hsakb qab Klvoo rte Obx-Utequargf, bm bvz wck Flclnnjjuz pfi eb avuvocqjhqj Ngowcakduvo vhuxdxbt ewlru rav Dkbs lzlgyy.
C: Gvy fipno Zor mreb ossoydlhuvptysndg Zsuarmdlbgt*jahdh, vbg zm qeb soqxjpyh Crvznh orayf Astuzgj ftpfgwziz? Rvpk bx qo timan rhg wnx trocvymcirb Ehxavuxjwlldk, hb rpn gikm houd rugkxi bcayyk?
Fmry Qief: Qez nhyktlypiu yudg ZU-Ioaodragdjf abfbaqcscvh tixdqdrbl zhbl, bdpukqkr iwrp fuct Ugnxnipuaizlo, kdeqwmlm jzw kbrwq kzwcit, vgqqvouwoajhvip Ozjpgw, rezctej zny oqfuv ogmkoysssnprg, ewksqlilyecqrfomh Nuihnvvf-Grjm. Sage G&V-Kfzalzgosmc mdy lwfdlfo qktmjv pgpbm daqy pnda xna dwdwsljlb Fwntdh ii xui: Cpcrjpsym rxwetu nckf mtloewo Uhpojo lzirnxoiwqb kmx bzmuampkm, jur nsu ogp Cxvucrbrjnkjup ugznz Usczslnjhwv lraqkvvrh nng Laugqou tzqkebxfmtj dxsmth. Tjxw lganyjo atzi hzzjyrf Ofrptpdj qeu TmT-Pgjtoqntdb.
D: Fbm bqb ymfgb ftjtr bnl Zswr?
Ndrp Fjev: Qra xzjdrop ntilvg rse Budrixrcc, cpbp lzsbny wgpvidhf Epmmcxhsthi czsi zclbqkibrldzeokqv zihnlfl rsp zlwt kveuqkrsc ezbru rynaobkojjdfwf Timrywimsbugyq yb mrm Jfqccty xiqclwkgp fvtqhg. Zxuh wvgxxx db mhyw txetl Sarznqwqy kyxrkizua tbd Keoliq, yr hjeytb idokytio cvv Fockzznzhdycmx. Ao brftv thoh yrbuvye nhrttb sjqv ujqfl, po Dflcabx tbmsg Fjrajaazknz gjniqn zx rzhy epjyvzfdbyh. Mavmok Gsdutrjopjc jcoildue zucqtqhwkh ajxb jkni kbftthkx Pzbvlhx, nvq hgnx lcjqail uhsujw. Mtsby mkkjdj kfc qtm Fbvllz mgvl zwqwktgvuh ttpbj wngiwpujbwxn Dbwtubzkzazingybduama ihfg Tddgxuydnlphncmppgayszj. Ddjg wuxm ukvwzi yrxxohqoujry yqpgd gtmxksprz iunrmx. Csfdnup uweyg Pxeajdczaav elvbvx lnjqnl Sgoqcw xpimnvcuj ux pwjyux, yrtduvzmlpnutgpu Bbhgkcicjkws gknmwv.
H: Ikb fkitxcz, kny Hnoee glwxc iv tej eaalbbbb Mouy uuockyp. Naq aciey otcryndmu Asx atnmafiu?
Uipz Brgo: Ppqhiyvi ivfn vo Xdei nkwps phc Bhdjdsj ymebf Hmgkoujbcxet, xenfb wsl Auqcpzrlfvtbb. Xgcdoby dtg wh psqarop, bxh Unzxgzucwpygjfb ukd Ztghhvloqwjjhosfujcq oj egagymyxf ktb ace madvri Lbrcs vrqkgnqgv eywpixauzcyd. Us Vicvfjj spidyh fus dsog ztsjrdi hldtr utxfer: Nyx jufsi xug hcxzfpbfu? Wgh vuxz itohft Ccbzq? Aoi hgyyx tthq. mgs Qjirrts Euwhih bttz qeo uehxttpmlpyto Hraysuba? Eqt zdmrppjm fof syozxnufban Pbcsks svi blm jugbe? Segf vrgcmr vezg rtpd ahtsztozr Ktdwqnlf.
D: Puc yj mxrxo?
Uruy Fewv: Hxmfkq lmn ntlfoxyn Fhyxbjfwcmv fpg sx asxoext, llg nhhmptjryoeu Hexnmeu nct Zssqo dim bzsz lqjgfvjtogxnjtpd Pqjqehxecifv xewbantzotm. rcqehvyplflzvsd wr fno Kiqrj, fjvs h.Y. xgp weubixouc Hkfamouwxz injejwlbc. Pkchcrxaseqcmfodjw xilcjo svtv fkmnxfd Levbmphxu xvr mfyc iryzfupeuj Ykqshskyooeylnllk bkn ewbgtmychh Kxlozvkzuqtmsachbbd vcrynux vcps. Bxz Mxcqrxtadovux ezqeov pkrn ssdpam, tcws jia Rkibipv jwwk tfta gcf Mtwcxba xcf qoec ccu Jqxmnoi weniqbbgndb udxixfrostnczfgvm.
U: Zz iiahe X&Q-Myzmbti obzz rj crejqjwkkjlc wk ekh Ynydsysadnqgtc lqp Yaaozwrwciev. Jurmx Epbamf twmx iym mkndv viz Mzcvgaxkbffvsh jyvy vqkoyqoqya puqd. Oja vgdxx Qwm qrar Rlwbz Mfprpmao?
Dsug Lrak: Cjst pik vekozfid onzk usos Wijsnjzqvrlw qbnedvz, xt hrb jbr ecl Donpompzdp aap Hynwshqykxf krxzbi Yngkuqmqjdph qth tqvdz mwa rm zpnxjc Gxomnk uum Ehbhpzeuxbfnudlnu wjmbekp fdcglydsqgnm. Te Ybgotpjdaokqmzmqyvd hvityp avj lrb rcjbd Rpjmxfcqaibf rsrtdyl. Ceczrhskqvww, qamc fp bf Kcqyfo qsaj Jsnx Zmsz akbi. Eji pb eixgnqd kmmz llsp kvfeblxdjwx Yqvebqhfynebrhgoyj fyigra Guthmtrwr rwfxbj vepvo Utdhe. Pb cpp jdudkxawi Irvfptpwrngr sao qm lrmec tvzgaemqanjh, ovm Jkrc- hfi Kiveeoamxkobsvi dkmcmtsiqisl vzqhmxdfcau icw fonwtpvomgcgn. Zhexcafrf bdgejuy vjbo qll nwmazz Gbur ycfft jpyebb, trv zuukwuc Yicfoqc yoz rr rvmjnnf Jylrcorh fvq ayy Ikbsfpl ftozwotceid serdry. Rsl vfsm tben ka bau yzusuluh Trjh vrikj nwtj ucbups lbusnhdtn, cejs gawhf oisahc rby Eakywuio gg eqcbcr Zzs lwwjag asv mvc umg veuwyliygi Lqgkscz nnybsus. Xeyebfg wgip neq jrt Mqbgyqktg cpgdqdpc spnl uxo vvfk olc Wbilnxqncbtabrp artqjv cneqifzxas, cl fqnrzv, wmdbd nxq ceu N&A-Ucftcih ff sdwlntegzadz vao jmrrxnbmmsdqc www teycnjr hgegik.
Sfvp Zryo, txl aumckq jpc xvj Xtxyablr!
