'The monk who sold his Ferrari': Thai businessman is selling his $6 million ice cream company to become a saint

A Thai businessman is putting his $6 million ice cream business up for sale as he prepares to leave his commercial life and enter monkhood. Siripong Akkarasriyuk, chairman of Thai ice cream brand Hawell’s, wants to find a successor to take over the company before he begins the next phase of his life.

Siripong has set a price of 165 million baht, or more than $6 million, for the business. The sale includes the company’s land, office, factory, outlet, trademark, business know-how and ice cream recipes. The decision has a familiar ring for anyone who knows the title The Monk Who Sold His Ferrari, although Siripong’s story involves an ice cream business rather than a luxury car.

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The Hawell’s founder announced his plans in a Facebook post last month. He said his aim is to become an arahant and pursue enlightenment.

Siripong, who launched Hawell’s in 1999, also pointed to difficulties in expanding the business. He said the company had spent the past two years approaching shopping malls about opening new outlets but repeatedly failed to secure space.

“Over the past two years, we have made great efforts to contact shopping malls to open locations. However, the malls consistently replied that they had no space for Hawell’s, despite there being several vacant spots left by previous tenants. No matter how many times we inquired, we received the exact same answer,” he said in his Facebook post.

According to the Bangkok Post, Hawell’s was once a common sight in Thailand. Its presence has since declined, and the brand now has only one standalone store.

Why is he selling Hawell’s?

Siripong said his decision is not only about the business. He has been preparing for monkhood for 15 years and has given himself two more years to make the transition.

“The most important reason is that my family and I have only two years left,” he wrote.

He plans to eventually separate himself from his family and friends, including his wife and daughter, as he pursues "the ultimate goal of attaining enlightenment as an arahant.”

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During the next two years, Siripong wants to find land and establish a forest sanctuary. He plans to live there and devote his time to meditation and spiritual practice after entering monkhood.

“To me, entering monkhood means separating from worldly life so everyone can walk their own spiritual path. I will live in that forest and dedicate my life entirely to practice. If I achieve my ultimate goal of Arahantship, I will return to worldly society solely to teach and guide my daughter, wife, relatives, and disciples in Dhamma practice,” he said.

What does the $6 million sale include?

Siripong is seeking 165 million baht for Hawell’s and the assets included in the deal.

The package includes 2.77 acres of land, an office, a factory, the Hawell’s outlet, the trademark, business know-how and the brand’s ice cream recipes.

He is also looking for someone who can take charge of the business after his departure.

To help find a successor, Siripong has offered a 5 million baht referral fee.

For now, his plan is to complete the transition over the next two years and then leave his business life behind to pursue his spiritual goal.