Becoming Ex-Industry BSchool Prof?

When I went to undergrad then business school, about half my professors were the typical PhD/Academic and the other half were industry folk— they either formerly worked in industry then became a professor or are still in industry but teach a couple classes on the side. I’m wondering if there is a typical path to becoming one of these professors (anecdotally, many are alumni of the schools they teach at). And am I wrong in thinking this would be pretty sweet retirement gig? After a successful career, returning to your old stomping grounds to teach a couple times a week?

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