Johnny’s Selected Seeds, a mail order company founded in 1973, is being sold to its employees, according to the Boston Globe.

Founder Rob Johnson Jr. announced plans earlier this week to enter into an employee stock ownership plan with the company’s 120 employees.

Under a plan outlined by Johnson, the employees will borrow money to buy company stock from Johnson and his wife, Janika Eckert. They will pay off the debt through tax-deductible contributions from the company.

Workers are expected to gain majority shares of the Winslow, ME company in July 2009.