According to this youtube video, the secret is to remove the glands under the legs. The end result is meat so tasty "you'll slap your grandma."
Another pro tip: If you didn't road kill the raccoon yourself, and are getting an already skinned animal from a trapper or hunter, make sure the feet are still attached. Otherwise, you might have been given a cat or opossum. Apparently this is an old trick in the raccoon meat trade.