We cannot let ourselves be fooled into thinking an application rewrite is the best method of moving forward. Companies spent thousands in payroll for the application we have now, and hopefully it is already making money. Creating a second application to replace the first gives a false sense of accomplishment, and often leads to even more pitfalls.
Teams start down the road to rewrite and quickly find themselves in a situation filled with scope creep, lost business logic, and tight deadlines. Instead, refactor the application in small bite-sized chunks, making it better as we go. Before long the current application doesn’t look so bad after all.