Thai Ice Cream Boss Selling Entire Business For S$6.5Mil To Become A Monk

Now this is a business plan that isn't on most biz owners' agenda. 

Siripong Akkarasriyuk is the founder of Thai ice cream brand Hawell's, and has put his business up for sale for 165 million baht (S$6.5mil) as he prepares to leave the business world behind and eventually ordain as a monk.

And he means it.

According to Thai media, Siripong intends to eventually withdraw from worldly life and cut contact with everyone, including his wife and daughter, as he dedicates himself to spiritual practice.

He hopes to attain enlightenment as an arahant, a Buddhist term for someone who has achieved enlightenment.

So, what does S$6.5 million get you?

The deal reportedly includes 1.1 hectares of land, an office building, a fully equipped factory with licences, a Hawell's Ice Cream & Fast Food outlet and the company's trademark.

Siripong says the buyer will also receive all the know-how he has accumulated over 37 years, including recipes for both soft-serve and hard ice cream.

He is even offering a 5 million baht (S$197,000) referral fee to whoever successfully introduces him to the eventual buyer.

So, anyone here really likes ice cream? Asking for a friend.

His decision to step away wasn’t made suddenly.

Siripong has reportedly been planning this chapter of his life for over 15 years.

He has spoken publicly about Buddhism for years and even authored the 2016 book Success Derived from the Buddha.

He says he has now given himself another two years before leaving worldly life behind to become a monk. 

During this period, he plans to secure land and establish a forest retreat for meditation before eventually ordaining as a monk and dedicating himself to spiritual solitude.

That also means walking away from his existing personal relationships too, which includes his wife and daughter.

"The most important reason is that my family and I have only two years left," he said of his timeline.

We wonder what they think about his decision to become a monk.

For someone preparing to give up material life, however, there's one worldly possession he still hopes will continue long after he's gone.

"Hawell's is not just a business I built. It has been a part of my life and my family's life. Even if I choose to leave worldly life behind... I still want to see Hawell's move forward,” he said.

If you're wondering why someone might fork out S$6.5 million for Hawell's, here's some context.

The brand was once a familiar sight in Thai shopping malls.

Siripong, who reportedly started out selling ice cream himself, opened the first Hawell's outlet in 1999, expanding to 22 outlets within three years.

The brand became particularly associated with Thailand's Y2K era, known for offering quality ice cream at comparatively affordable prices.

But at the height of its popularity, things became considerably less sweet.

According to Siripong, major competitors began negotiating exclusive agreements with shopping malls that prevented direct rivals from opening outlets in the same locations.

Hawell's gradually disappeared from malls, with its last Central Pinklao outlet closing in 2014.

The brand eventually returned in 2023 with a standalone outlet in Bang Bua Thong, Nonthaburi, which remains in operation.

Siripong says he's spent the past two years trying unsuccessfully to bring Hawell's back into shopping malls.

"No matter how many times we contacted them, the answer was always the same," he said.

Opening standalone stores would require substantial investment, while he ultimately decided franchising could risk damaging the brand.

Interestingly, Siripong isn't selling because he thinks Hawell's has reached the end of the road.

In fact, it's quite the opposite.

He's drawn up an ambitious expansion plan that envisions 300 soft-serve outlets, 100 ice cream shops and 5,000 automated cup dispensers.

If enough funding is secured within the first two years, the plan projects annual sales of 8.8 billion baht (S$347mil).

The entire project plan will be handed over to whoever buys the company and he will then let someone else worry about the next scoop.