Transferring iPhone to someone else

I plan to give my old iPhone 8 Plus to a friend. How do I wipe my info off it (reformat it) and how does my friend, who is not a current Apple user, then activate it with a new Apple ID? I got the phone via/linked to Verizon and my friend is a Verizon customer, so they should be able to reactivate it on the Verizon side. It's the Apple ID I am mostly concerned about. Thanks.