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We have a small enviornment, <50 users. Our current envoirnment is Exchange 2003 and our Domain Controller is on a Windows 2003 box.

We plan to replace our DC with a Window 2008 R2 Box and then replace our Exchange box with a Windows Server 2008 R2 box and Exchange 2010.

My question is, do we need to do this all at one time or can we upgrade the DC first then migrate to Exchange 2010?
Is there a step by step procedures out there for these migrations?

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You'll certainly want to do this as an orderly process, and I'd suggest taking a break between the two migrations to make sure you're happy with the first part of your migration before moving forwards (it will make troubleshooting easier) but if you need to do the whole lot in one weekend, say, there's no reason at all why not. Just place and test carefully beforehand.

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I would strongly suggest getting two new servers if it's possible, and then migrate from the 2003 DC to a new 2008 R2 DC (by adding it to the domain, and then moving the FSMO roles over when you are sure that everything works). Same thing with exchange - set up a new server with Exchange 2010 and then transfer mailboxes over.

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You can do this a step at a time and Microsoft has a number of documents to assist. Check the site for your locale for more info. Here is some discussion on the topic with some links,

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