Wife is just about ready

Set the rules for both sides and agree on them

Honest communication on everything

Plus, set up plan B, Plan C etc, because not everything goes according to plan
 
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Walk through everything you both anticipate actually occurring. Discuss the emotions that you both will deal with as you step through the experience. Talk about boundaries. Reassure one another. My advice to you, personally, is to anticipate a plethora of conflicting emotions: arousal, excitement, jealousy, anxiety, etc. all rolled up in one.
 
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Not so much about rules, she is going to do what feels good in the heat of the moment anyway. Having said that communication is the key to making it work. You must be able to talk about wants/desires for you both. The first time you see another man having sex with her you may be very excited or you may find yourself wondering what you have gotten yourself into but once the deed is done there is no going back so make sure you communicate what you both want out of this. It can and is for us the hottest thing ever but not for everyone.