Man sells off his S$6M+ ice cream business to become a monk and cut off all contact, including with his wife & daughter

Summary

• Hawell’s founder Siripong Akkarasriyuk is selling the Thai ice cream business for 165 million baht, worth about S$6.3 million.

• He plans to spend two years preparing for monkhood, including finding land for a forest retreat for meditation.

• The proposed takeover includes company assets, recipes, machinery, licences, trademark rights and an expansion plan worth billions of baht.

THAILAND: Thai ice cream brand Hawell’s is up for sale as its founder prepares to leave business life and become a monk.

Siripong Akkarasriyuk, chairman of Hawell’s (Thailand) Co Ltd, announced the sale on Facebook on Aug 21. He is seeking 165 million baht, or about S$6.3 million, for the business.

Mr Akkarasriyuk is also offering a 5 million baht, or about S$191,180, referral fee to anyone who introduces a suitable successor. He said business challenges were only one reason for the sale, as he has set himself a two-year period to prepare to renounce his current way of life.

During that time, Mr Akkarasriyuk wants to find land for a forest retreat where he can meditate. He then plans to ordain and live in spiritual solitude. He intends to cut contact with everyone, including his wife and daughter, as he pursues his goal of becoming an arahant, a Buddhist term for someone who has reached enlightenment, Bangkok Post reported (Aug 22).

He spent years trying to grow Hawell’s

Mr Akkarasriyuk has reportedly been planning this change for more than 15 years. His business plans had also hit practical limits. He spent the past two years looking for space in shopping malls but repeatedly struggled to secure suitable units.

Some empty mall spaces were still unavailable to him. Standalone shops would require heavy investment. Franchising was another option, but Mr Akkarasriyuk considered it too risky for the brand.

He had already prepared an ambitious expansion plan. It targets annual sales of 8.8 billion baht, around S$337 million, through 300 soft-serve shops, 100 hard ice cream shops and 5,000 automatic cup dispensers.

The plan depends on securing the required funding within two years. But rather than start an expansion he won’t have time to oversee, Mr Akkarasriyuk is looking for someone who can take the business forward.

The buyer gets 37 years of business knowledge

The proposed sale includes land in Bang Bua Thong, Nonthaburi, an office building and a factory. The factory comes with machinery and licences.

The deal also includes the Hawell’s Ice Cream & Fast Food shop and the Hawell’s trademark. More importantly, the buyer gets the knowledge Mr Akkarasriyuk accumulated over 37 years, including Hawell’s ice cream recipes for both soft-serve and hard ice cream.

The expansion plan is also part of the proposed handover, making the sale more than just a property-and-equipment deal. It offers the next owner an existing brand, production setup, recipes and a prepared growth plan.

Hawell’s once had 22 outlets

Hawell’s opened its first branch at Central Pinklao in December 1999. The brand expanded rapidly, reaching 22 outlets within three years. Its fortunes changed when larger competitors secured exclusive-use arrangements with shopping malls.

Those deals made it harder for Hawell’s to continue operating in malls. The branches gradually closed, leaving Central Pinklao as the final mall outlet until it closed in 2014.

Hawell’s returned in 2023 with a standalone shop in Bang Bua Thong. That outlet remains open today and is the brand’s only remaining branch.

Mr Akkarasriyuk has described Hawell’s as a major part of his life and his family’s life. He also thanked customers for supporting the brand and said he still wants to see it continue after he leaves.

There is something strikingly practical about his decision. Building a company for 37 years can make walking away almost impossible. Mr Akkarasriyuk appears determined to separate his next chapter from the business entirely.

Whether Hawell’s finds the right successor is now another story. For the founder, however, the plan is already set: hand over the ice cream business, find his retreat, and pursue a very different kind of life.