Even though he is now running his family's multinational toy empire, Edward Stratton III (Joel Higgins) has never quite grown up. An overgrown kid, he lives in a mansion filled with arcade games and toy trains. But when he discovers that his brief marriage twelve years earlier produced a son, Edward faces the responsibilities of being a parent to the youngster, Ricky (Ricky Schroder). Springing him from the boarding school where he's been sent by his mother, Edward brings Ricky home to live at his estate. With help from his personal assistant, Kate Summers (Erin Grey), he looks to teach Ricky how to enjoy being a kid, while Ricky helps his new dad see the value in accepting full-fledged adulthood. And as Ricky stands on the brink of being a teenager, Edward begins to see Kate as more than just an employee.