Equipment replacement is an important decision all manufacturing companies must face, motivated by rising operating and maintenance costs or technological advances of assets. Although there are methods of analysis that indicate the necessity and the time equipment should be replaced, performance and expense data are required. The studied company has productive equipment to be replaced; however, its data have been insufficient for applying these methods. Thus, this study's purpose was to develop an asset management policy, focusing on critical assets replacement, based on ISO 55001:2014 requirements, with ISO 55002:2018 guidelines and alignment of financial and non-financial functions of ISO 55010:2019. Therefore, this work undertook a bibliographic review, and a case study has been carried out in a family-run medium-sized company located within the state of São Paulo. As a result, this work brings an asset management policy integrated into the organizational planning to guide and ensure the critical assets have the performance assured to deliver value to the company until its replacement. The development of this study has provided a support framework for asset replacement decision-making. Moreover, it enabled managers to understand how quality data availability can make the decision process safer and more professional.