How to migrate bench to another machine?

How do I migrate existing bench to another machine? I thought that I would just install bench on the destination machine and run bench backup on the source machine to create the database backup. Then just move the entire bench folder to the destination machine and run bench restore but this throws the following error:

Error while finding module specification for 'frappe.utils.bench_helper' (ModuleNotFoundError: No module named 'frappe')

How should this migration be done?