Complex sentence: Smith initiated a restructuring of all future franchising agreements, disallowing new owners from living more than an hour's drive from their restaurants, preventing corporations from owning franchises and prohibiting franchisees from operating other chains.
Split into simpler sentences: Smith initiated a restructuring of all future franchising agreements. New owners were barred from living more than an hour's drive from their restaurants, corporations were not permitted to own franchises, and franchisees could no longer operate other chains.