In my mind your hypothetical does not exist.
In March 09 when I quit trucking and came off the road I was doing only P&P.
It only took a couple months (before the end of the summer) to realize there were some SERIOUS issues with the direction the industry was headed.
I knew that I would have to branch out in order to survive.
In 10 I picked up some private work, in 11 I picked up some more private/local customers.
By 4/12 I dropped all of the P&P and concentrated on my lawn business with local customers.
Fall of 12 I needed some work and when one national called with a trash out I took it. I immediately regretted that.
Sitting in front of the computer doing uploads all evening takes soooooo much time that I'd been able to reclaim for myself.
13 rolls around and I'm doing no P&P, even told my insurance agent to drop that from my services offered list. (doesn't really make much difference in what I'm doing or how I'm insured).
I like local customers. Example I did a couple tree jobs last week. PAID IN FULL before I left the property.
Got another one to do this week..... ALREADY paid in full, and I haven't even started the job.
Others I billed monday for last month's snow removal. Two days later I've got checks in the mail, paid in full.
You just can't beat this in the P&P industry.