With industry sales seemingly stale and the stock price of its longtime competitor, Beyond Meat (BYND), in the tank, Impossible Foods is now thinking that a much-bantered-about IPO may not be the best idea for its investors.

The alternative: a sale of the entire company within a couple of years.

"It's one option," Impossible Foods CEO Peter McGuinness said on Yahoo Finance's Opening Bid podcast when asked about the possibility of a sale (video above or listen here). "And that could get Impossible in more places and actually achieve the mission faster. Investors could get a good return, and employees could get a good return on their equity."

McGuinness also didn't rule out a "sizable" capital raise or that often-discussed IPO, but floating a sale is a new wrinkle to the end game for the plant-based meat maker.

The company's last capital raise tallied $500 million in November 2021.

McGuinness conceded that Impossible Foods — founded in 2011 by Dr. Pat Brown — is not yet profitable despite a few rounds of layoffs. The losses reflect a pullback in demand for plant-based meat and inefficiencies in the business.

The former Chobani COO and advertising exec has been working to improve its operations since joining the company in 2022. He has also bulked up the company's marketing, inking hot dog eating legend Joey Chestnut to serve as a brand ambassador.

Impossible Foods has more than enough cash on hand to operate its business, and no decision on a sale, IPO, or capital raise has been reached.

"We could talk about it, you know, in a year or two from now in more detail. But right now, it's do the fundamentals better, get distribution, build awareness, make the food better. I know it sounds basic and boring, but it works. It's a playbook that works," McGuinness added.

Impossible doesn't need to look far to see what an IPO could bring.

Rival Beyond Meat burst onto the public scene on May 5, 2019, with a sizzling initial public offering on the Nasdaq.

Investors devoured shares of a company they saw as the leader in the plant-based food industry. The company priced its IPO at $25 a share, opened for trading at $46, and then surged to $65.75 by the close. The gain when that closing bell sounded: a meaty 163%.

From there, it was a whirlwind of activity for Beyond Meat, with big deals with global restaurant chains such as KFC (YUM) and Dunkin’ Donuts, expansion plans into the refrigerated food sections at Target (TGT) and retailers overseas, and efforts to expand manufacturing capacity and create new plant-based items.