When Mitchee (Sara Gilbert) and Farrah (Molly Stanton) takeover the family business as Co-Presidents, they realize they must work together to solve their problems. After a staff meeting is called to help settle their first issue about the new fall line, the girls realize they miss the guidance of their parents. Meanwhile, Alan (Mark Linn-Baker) and Lee (Melanie Griffith) have a hard time settling into a life of retirement with each other and quickly realize they may not be cut out for a relaxing life of retirement.
Mitchee is fed up with Alan always treating her like one of the guys, especially in front of Jordan (guest star Steve Braun). Alan respects Mitchee's feelings, but over-compensates when referring to his daughter in the work place, resulting in many rumors among the employees. Meanwhile, Farrah wants to be taken more seriously within the company and boardroom, but Lee tries to convince her to leave the business responsibilities to her sister and father.
Mitchee is compelled to meddle and ruin Farrah and Jordan's new relationship. Lee gives Mitchee advice on how to break them up. Alan feels uncomfortable with his gay employee after an awkward hug every morning.
Mitchee throws herself a birthday party to prove to Farrah that she's fun; Lee and Alan voice their gripes about each other, and he feels guilty that his list is much longer than hers.
Jordan finally asks Mitchee out on a date, but while they are having dinner, she gets a call from Farrah telling her there is a major problem with an important shipment of undergarments. Turns out the problem is the result of Jordan's actions, resulting in a tough decision for Mitchee. Meanwhile, Alan tells Lee he wants to fire their housekeeper after he declared that her cleaning techniques need improvement.
When Alan informs Lee, Mitchee and Farrah that his unexciting sister Judy is joining them for Thanksgiving dinner, the family is less than thrilled. Lee is especially horrified when Judy's creepy new boyfriend hits on her. Meanwhile, in an attempt to cheer Mitchee up and to take her mind off of Jordan, Farrah and her friends take Mitchee out to a bar leading to one crazy evening.
For the first time in her life, Farrah is rejected by a guy named Keith (guest star Brandon Quinn) and doesn't know how to react. When Mitchee runs into Keith at a coffee shop, she decides to confront him but is taken aback by his comments. Meanwhile, Alan receives his introduction to the information super-highway but is shocked when he finds out one of his employees has created an online blog used to bad mouth him. Alan decides to confront the employee, but Lee takes matters into her own hands.
Prior to the big party for the 30th Anniversary of Arnold Undergarments, Lee decides to take Mitchee to the salon for a blonde make-over - both hair and attitude.
Meanwhile, Alan mistakenly assumes Farrah is dating his friend, James, and though he is surprised by the pairing, he attempts to be supportive.
Mitchee and Farrah learn that Patti, a girl from their childhood summer camp, is still traumatized for having been accidentally pants-ed by the pair during a talent show. The girls attempt to smooth things over after they learn she works in a nearby coffee shop, but things don't go as planned.
Meanwhile, Alan encourages Lee to go out on the town with Neil, which results in Alan attempting to win back Lee's attention.
As their high school reunion approaches, both Mitchee and Farrah are excited to reunite with handsome former classmate Danny. But at the event, a geek named Eric, who has become a successful author of men's self-help books since school, intercepts Farrah and uses subliminal seduction techniques to attract her. At first, Mitchee is outraged that Eric would take advantage of Farrah, but when the shallow Danny ignores Mitchee, she asks Eric for advice on how to get Danny's attention. When the party is over, each sister ends up with the right guy.
Meanwhile, Alan's competitiveness causes trouble when he and Lee host a game night with another couple.
Mitchee finds a condo she can't live without and decides to get a roommate to help cover her expenses. As a last resort, Mitchee convinces Farrah to make the move by promising to be carefree and fun.
Meanwhile, in celebration of their thirtieth anniversary, Alan and Lee agree to put a limit on their gift spending for each other. However, when Alan secretly finds his gift, he miscalculates the price and ends up buying a very expensive gift for Lee.
Mitchee and Farrah have their first fight in their new condo and realize that moving in together may not have been the best idea. Meanwhile, Lee and Alan decide to spice up their romance and visit the local video store. Alan and Lee's embarrassment turns to frustration once they realize the video clerk gave them the wrong video.
Farrah hires former underwear model Charlie to be the new Director of Marketing because she can relate to his problem - no one takes him seriously because he is so good looking. Farrah's goal is to prove to Mitchee, Lee and Alan that she and Charlie aren't just pretty faces, but when Charlie fails to come up with ideas for the new men's underwear line, Farrah must pull an all-nighter to bail him out.
Mitchee finds out her ex-boyfriend, Zack, is back in town, and things heat up in a big way. Meanwhile, Alan discovers that Lee used to date Terry, a billionaire businessman whom Alan has always admired.