Convert a location into a child account

Convert a location into a child account

We use locations as long if we not know if locations are self buying entities or buy via the HQ. If we get more details and a location seems to buy for itself, we want to convert a location into a child account.

The only two ways I see to do it now is:
  1. to export locations which are linked to account X and import them as accounts, then delete those records as a location? 

    and/ or

  2. build a workflow for this, but that seems quite cumbersome to me.
Please let me know your thoughts on this?