For me it wasn't "stuck" on "Preparing backup...". It just took a while for the first backup after the upgrade. The upgrade modified a lot of files and I guess during "Preparing" it collects all the information on files which have been modified. On my old 2011 iMac the first backup after the upgrade was extremely long. First it was "Preparing" for many hours and after that the backups also ran for many hours. I think in total it took more than 24 hours but I didn't monitor closely.
After that backups are all back to normal and as fast as they have always been.
On my newer iMac it was also slow but I let it run through the night and the next morning it was back to the normal backup schedule.
So maybe it's just that the first backup after the upgrade takes much longer then usual. I also found some log messages in console which suggest that Sierra does some "migration" on the backups which may require additional time.
Completely new backups to new drives are much faster as it simply backs up everything and it doesn't have to handle the old backups either... But otherwise, patience is maybe what it required for the first incremental backup after the upgrade.