The college and university presidency is one of the most coveted positions in academe. Due to the projected retirements of current Historically Black College and University (HBCU) presidents, the researchers interviewed 21 current presidents, institutional board members, and presidential search firm personnel to explore what current HBCU leadership identifies as important mentoring/mentee practices, mentoring/mentee opportunities, and professional advice for HBCU presidential aspirants to consider. The findings, based on the coding and analysis of semi-structured qualitative interviews, revealed that self-awareness, focusing on the essential aspects of the job and not merely the perks, openness to being mentored and willingness to shadow a successful leader, experience in serving in various administrative capacities, participating in professional leadership development activities, earning of a terminal degree, displaying humility, understanding academic politics, and learning how to present oneself as an executive is important in the preparation of a leader of an HBCU.