Proper flow for transferring app

I have an app on a paid Personal plan now. I would like to transfer that app to another account, but when I attempt to add a new user and “Transfer” button, I get the message that “You are the paying user of this app, you cannot transfer ownership yet. You should unsubscribe first as a paying app cannot be transferred to another account without a cancellation first.”

I’m not sure what this message means. I’m looking for the proper flow of steps to get the paid account from me to someone else without disrupting anything for the users. Any tips or link to instructions (that I’m just not finding) would be appreciated!

First you need to move out of your paid plan (i.e. from “personal/professional/production” to “free”)
Then you can transfer the app to another user.
Then that another user can subscribe to the any paid plan.