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In the past two decades, Mesoamerican smallholder coffee farmers have had to confront several stressors and shocks, such as price crises and natural disasters, with debilitating impacts on the viability of their livelihoods. More recently, many farmers have suffered crop losses in the wake of the spread of coffee leaf rust disease, and researchers are predicting that some areas will become less suitable for coffee growing in the near future as a result of climate change. For these reasons, many have called for the promotion of livelihood diversification as an additional component of rural development programs. This study uses thematic analysis of transcripts from 15 interviews with members of a regional Guatemalan coffee cooperative, Asociacion Barillense de Agricultores, based on four different interview guides. Coffee remains the primary livelihood strategy of the respondents, whereas most other activities appear to offer relatively small contributions to incomes, with the exception of honey and a small sewing shop. Some of the farmer responses reflect coping mechanisms rather than risk management. The study also identified other themes mediating diversification, including income-smoothing, optimization, familiarity, social networks, and influences from external actors.