When Tim Dunn sold CrownQuest Operating to Occidental Petroleum for $12.4 billion in December 2023, he capped off a remarkable journey that began with acquiring cheap leases in the Permian Basin years before fracking made them profitable. But the CEO who built the eighth-largest oil producer in Texas discovered something most business leaders never learn: the secret to true success wasn’t accumulating wealth, but letting it flow through his hands like vapor.

In a revealing conversation on Biblical Money, the podcast hosted by Rabbi Rami Goldberg of Israel365, Dunn shared how biblical principles transformed not just his business operations, but his entire approach to wealth and leadership. His stewardship philosophy extends far beyond corporate boardrooms, shaping his views on everything from employee empowerment to America’s strategic relationships on the global stage.

From Accumulation to Stewardship

Dunn’s transformation began long before his company’s massive exit. The billionaire entrepreneur, who was named top CEO of a large company by the Texas Independent Producers and Royalty Owners Association and Texas Monthly magazine in 2013, built his success on a fundamental shift in perspective drawn from Ecclesiastes 5:10: “He who loves money will not be satisfied with money.”

This biblical wisdom became the foundation for what he calls a “stewardship mentality” that reshaped his entire business philosophy.

“If you chase more, then actually your business owns you or your money owns you,” Dunn explained. “I think if you fall into that trap, you’re going to get sucked into fear of loss. Fear of loss is going to cause you to have stress. Stress is going to cause you to cut corners.”

Instead, Dunn developed a practice of mentally “deeding over” everything he possessed. “I’ve got this constant view that everything I possess is passing through my hands on the way somewhere else,” he said. “I’m going to leave it behind when I die. Nothing’s permanent in this life.”

This wasn’t just philosophical thinking. Dunn turned this principle into practical business strategy by viewing himself as a steward rather than an owner, creating liberation from the anxiety that typically accompanies high-stakes business decisions in the volatile oil industry.

Building CrownQuest Through Servant Leadership

Perhaps most remarkably, Dunn and his team at CrownQuest developed what they call a “toolkit for servant leadership” that revolutionized their company culture. Rather than traditional top-down management, they created what Dunn describes as “freedom Vs” – clear boundaries within which employees could operate with increasing autonomy as they demonstrated competence.

“We estimate an efficiency factor of about 400%,” Dunn revealed, describing how their approach eliminated the typical inefficiencies of corporate hierarchies. “We’re not having to have meetings to funnel information up for the decision makers to make decisions.”

The system worked by hiring inexperienced people and training them in the company’s stewardship culture from the ground up. As Dunn put it, a lease manager in the field might make 200 decisions per day that affect company value, while he as the leader might make zero – because he had built structures that empowered the right people to make decisions where the action was happening.

This approach proved particularly effective in CrownQuest’s operations across significant portions of the Permian Basin, where quick decision-making and adaptability were essential for success.

Biblical Principles Meet Modern Business

Drawing from the biblical model of self-governance that God established for Israel, Dunn identified three pillars that create sustainable business success: rule of law, consent of the governed, and what he describes as “love your neighbor” principles that translate into private property rights and market-based competition.

“What is a market economy?” Dunn asked. “We compete to see who serves each other the best, and the one who serves best wins.”

This servant-leadership approach extended beyond internal operations to how CrownQuest engaged with the broader community. Rather than compartmentalizing faith and business, Dunn’s team integrated stewardship principles into every aspect of their operations.

Israel and America First

Dunn’s stewardship philosophy doesn’t stop at business borders. When discussing America’s foreign policy relationships, he applies the same biblical principles that guided his corporate success. His perspective on supporting Israel particularly exemplifies this strategic thinking.

“The dumbest thing you can do is spend billions of dollars and fight wars when somebody else will do it for you,” Dunn explained. “Iran declared war on America 40 years ago and said we’re going to create terror cells and a nuclear bomb and kill you. And we have an ally who is closer to proximity and has been told you go first. All we have to do is support that ally to defeat that enemy at a fraction of the cost that would be to ourselves.”

For Dunn, supporting Israel represents the ultimate expression of practical stewardship. Rather than America bearing the full burden of confronting Iranian aggression, Israel serves as what he calls “the tip of the spear” while America provides support. “What’s not America first about that?” he asked.

This perspective extends beyond mere cost savings. Dunn sees Israel as ready to graduate from a sponsored relationship to a true partnership. “Israel was a sponsored nation, and that was the design. But when you have children, you sponsor them, but then you want them to grow up and leave home. Israel is ready to be a partner now.”

Drawing from Ecclesiastes, Dunn summarized his philosophy: “Cast your bread on the water. It’ll come back to you after many days. The best way to serve yourself is to serve others. That’s actually what’s in your best interest.”

Philanthropy as Strategic Investment

When it came to giving back, Dunn challenged conventional wisdom about nonprofit versus for-profit approaches to solving problems. His foundation takes an entrepreneurial approach to philanthropy, often investing in for-profit businesses that address root causes of social issues rather than just treating symptoms.

“Do you consider it more beneficial to your family if the trash company that comes by and picks up your trash is organized as a nonprofit rather than a for-profit?” Dunn asked. “You just want your trash gone, right? When there’s a need that does good, we’re okay if somebody is going to make a profit off of that.”

One example he cited involves a business in a developing country that provides thousands of jobs in an area where human trafficking is prevalent due to lack of economic opportunity. By addressing the root cause through job creation, the investment fights trafficking more sustainably than traditional charitable approaches.

A Model for Turbulent Times

As American business faces increasing challenges around purpose, culture, and sustainable growth, Dunn’s approach offers a time-tested alternative to both pure profit maximization and stakeholder capitalism. By grounding business decisions in biblical stewardship principles, he created a company culture that achieved both exceptional efficiency and employee satisfaction at CrownQuest.

“The real goal of life is to be a good steward, a good enough steward where God says you did a good job,” Dunn concluded. “To fear God is to say there’s a consequence at the judgment, and His decision on whether this is good or evil is more important than what other people think of my accumulation in this life.”

For business leaders struggling to balance profit with purpose, Dunn’s story suggests that the oldest wisdom might be the most practical path forward. As he demonstrated through decades of success in building CrownQuest into a multi-billion dollar enterprise, true wealth flows not to those who grasp it tightly, but to those who hold it lightly as stewards of something greater than themselves.

The full interview with Tim Dunn is available on Biblical Money, where Rabbi Rami Goldberg explores how faith-driven leaders build successful businesses while staying true to their deepest convictions.