Thanks all.
There wasn't any coating on the speakers before, just some coloring from the oil he rubbed on them. I used a palm sander and used I think 150 grit down to what looked like bare wood. Then I stained twice using Minwax Dark Walnut (leaving it on as long as possible each time). Then 1 coat satin poly, sanded with 350 grit (just using a sanding block), another coat of poly and sanded with 400 grit. I actually did 4+ total coats of poly because I either found runs or bubbles that were driving me crazy. Finally thinned the poly with a little mineral spirits and the final coat when on butter smooth.