Moving my VM to my new macbook air

I am running Parallel 5 on my macbook pro, and I just bought a new Macbook Air, and I would like to transfer my entire VM (including installed windows, applications and files) to be used on my new macbook Air.

I prefer installing the VM drive on External drive if possible.

Either way, what is the best way? I did the Clone option, but I am not sure what I am suppose to do next.

Thanks for any help I get on this issue. I am really new to Parallel and not very techy!

Thanks