I modified Ron De Bruin's workbook splitter macro below so that cells
containing more than 255 characters did not get truncated. Paste values is
used to get rid of links.

My question is this: Is there an accepted method for replacing only external
links with values while still allowing the worksheet functions to remain?

Sub Copy_All_Sheets_To_New_Workbook()

Dim WbMain As Workbook
Dim Wb As Workbook
Dim sh As Worksheet
Dim DateString As String
Dim YearDateString As String
Dim FolderName As String

Application.ScreenUpdating = False
Application.EnableEvents = False

DateString = Format(Now, "yy-mm-dd hh-mm-ss")
YearDateString = Format(Now, "yy")
Set WbMain = ThisWorkbook

FolderName = WbMain.Path & "\" & Left(WbMain.Name, Len(WbMain.Name) - 4)
& " " & DateString
MkDir FolderName

For Each sh In WbMain.Worksheets
If sh.Visible = -1 Then

'The line below stops truncation where cell length is greater than
255 characters.
ActiveSheet.Range("A1:AZ1000").Value = sh.Range("A1:AZ1000").Value
Set Wb = ActiveWorkbook

With Wb.Sheets(1)
.UsedRange.PasteSpecial xlPasteValues
Application.CutCopyMode = False
End With

Wb.SaveAs FolderName _
& "\" & "Renewq" & YearDateString & Wb.Sheets(1).Name
& ".xls"
Wb.Close True
End If
Next sh

MsgBox "Look in " & FolderName & " for the files"

Application.ScreenUpdating = True
Application.EnableEvents = True
End Sub