Updating a very old theme

Hi,

My client is running their site with version 12.3 of Betheme. https://wheelhousenw.com/

The theme version is so old that I don't see any place where a license is located. The client is fine purchasing a new license, my question is how to update the site without upsetting all the customizations we've added. 

If I download the backup settings from the Betheme options panel will that be enough to ensure I have all the settings saved? Should I uninstall this old version version of the theme and then install a fresh new copy? Just wondering what the simplest safest method will be.

Thanks For your help!

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