Gregg, do you plan to self-publish or go the traditional route?
Basically, if you plan to publish traditionally, and you have never published traditionally previously, then your first novel MUST be STANDALONE. There is very, very little chance that an agent or publisher will take you on unless your first novel is standalone (albeit with series potential).
If you plan to self-publish, then you can do whatever you want. In that case, I can answer your question by stating only what I prefer. I personally HATE it when someone retells part of the story in the second book. Who on earth reads the second book of a series without reading the first?
That then begs the next important question. Are you writing a series, with one gigantic story across the entire set of books (ie. Game of Thrones or LotR)? OR, are you writing serials like Cornwall or Ludlum, and there are the same characters in each book, but a different plot?
If so, then you need to find a way to provide characterization in each book in a unique and fresh way for each book. Do NOT, and I repeat, do NOT plunk in paragraphs of exposition. "In book one, this and this and this and this happened." Don't do that.
There are ways around this. For example, you can have a new character repeat some basic important information in a conversation. So for example, if in the previous book, the protag's child was kidnapped and then rescued, then you can have another character say something like, "How is Sarah doing?" and then they have a conversation about how Sarah has recovered from being kidnapped.
Lastly, if you are writing a serial, then you should read the first two books in a few successful serials and see how they do it!