[SalesForce] convert text field to lookup field in salesforce

I need to convert a text field to Lookup field on Object 'A'
As we cannot convert directly so there is one approach is to create a one object 'B'and create a lookup field on object A.My Question is if i am having lots of data in Text field(A)-Do I need to create a record in New Object(B) to display same value in lookup? or there is any other way we can achieve this ?
Please suggest.

Best Answer

What best you can do is in your use case is create a new lookup field.

And now write a batch class and manually search for record using text field and populate your lookup with Id (This is a one time process) and delete the text field and continue using the lookup field.