Big question, loads of diff replies and ways people handle there wood.
Me as soon as i get any wood i or someone eles has cut i wax the ends, i make sure that i can dip most into some form of container as if you do not have the wax hot enough and dip it for awhile then it will only sit on the top of the wood and its best to get into the grain and fill, genrally if the wax is clear then its a good job if its white in color then not so good, bit like soldering dirty wire you get a dry joint.
The other thing is that i try to keep the wood as long as poss, depending on the wieght, this way if the ends crack you still have something left.
If i have the time then i cut it into the sizes that i am going to use ie, boxes, bowls, vases and so on then rought them out to about 1" thickness for bowls bit lest for boxes, the end grain is then waxed, and stored. I have one shop that is for just wood and storing my cut turning wood. Most of the tree wood that is about 8" dia and down to smaller stuff is kept around 4' waxed and left on pallets and covered with plastic corregated sheet just to keep it dryish and has plenty of air to circulate.
Some of the wood like sycamore i like to turn straight from the green down to about 2mm wall and friction dry with sanding.
The decay in the centre depending on how bad and what it looks like can be used to make a nice piece, you could soak the the cut wood in pva diluted glue for a few days then leave to dry, if the decay is only small then use super glue to harden it, if its just soft punky wood a good few coats of sanding sealer is good, celulose sealer. car body filler and other stuff can be used, just depends on the wood and what you are going to turn but a bad bit of wood can be a great turning, cracks and warts. End of the lesson on behalf of the BBC please turn in same channel same time next week...LB