Yes. A recapitalization sells a majority or minority stake, takes cash off the table now, and leaves the owner with equity in the next chapter. Private equity buyers structure these routinely.
More detail
A typical majority recapitalization has the owner sell 60 to 80 percent, take that portion in cash, and roll the remainder into the new ownership entity. The owner keeps operating the business under a new board, and the rolled equity participates in the next sale, which often happens three to seven years later at a higher valuation because the company is larger. That second event is frequently worth more than the first to the owner. It is the right structure for an owner who wants liquidity and de-risking but is not ready to stop working, and it is the wrong structure for an owner who wants to be finished, because it comes with real governance obligations and a defined path to a second transaction.