Hello.
Although you do not indicate the source version and what is the target version in this migration. If you manage to put a vcenter server to manage the old and new ESXi, you could perform cold vmotion (with VM off).
To upgrade the Hardware version, you must verify if the VM operating system will support it. It is always necessary to backup the VM when making these changes.
I recommend you to wait a couple of weeks that everything is running smoothly, and then update the VMware tools and the Hardware version in the VMs. This way you don't mix the ESXi changes (hardware and version) with the VM changes.