As others have outlined you're on the right track.  There are some risks to what your proposing if your intention is to keep the coin in a hot wallet.  If your goal is to redeem the entire value of the coin and convert it to fiat you can avoid an additional transaction fee by sweeping the funds directly into your exchange wallet.  To do so, use a bitcoin address you obtain from your exchange to create a watch-only wallet; File>New/Restore>Next> then select "Import bitcoin address or private keys."

After the wallet has been created and you've confirmed the validity of the address you can sweep the funds directly to your exchange; Wallet>Private Keys>Sweep.