I used to remove embedded geometry from Poser files by hand like this, but there is a number of little things that can go wrong. There are quite a number of Python scripts that do this, so I prefer to use them instead. They typically do everything with a button click. I believe the best one is from Joseph (Netherworks), because "Poser File Save" works with all Poser files (not only props). It asks where you want the geometry to be copied to, and writes the proper relative path. Most other scripts just extract the OBJ to the local folder, and you will have to fix this later on. And what's most, it remembers the last locations, so if you are fixing several files from the same project, you only have to indicate the paths once. I strongly recommend it.
Additional benefits are, for example, where you are working with CR2s, Poser File Save creates much cleaner files than Poser 11 itself. There are several bugs on the way Poser creates its files, like double roots, extra unnecessary nodes, and incorrect closing brackets.