The time between a president's resignation and the next president's assumption of office--often a 12-to-18 month period--can be crucial for an institution. Between the winding down of an existing presidency and the successful launch of the next, there are all too many opportunities for lost momentum, frayed relationships, key departures, and financial disappointment. Some institutions have presidential transitions down pat; others struggle mightily. Running across both is an inescapable element: trustee oversight. The author and his colleagues at AGB Search, assisting presidential searches and observing the larger life of institutions, know there is no one best way to manage these transitions. But too much is at stake for trustees to bury themselves in search and be bystanders to the rest. In this article, the author shares what they have learned.