Rob Lowe Says Son John Owen's Acting in Unstable Season 2 Is 'Next Level' (Exclusive)  

Rob Lowe sometimes can't believe his good fortune. It's one thing to have a hit show in Netflix's comedy Unstable, now in its second season. But to get to work with his son John Owen on the series? That's next-level gratifying.

"It's a dream, personally and professionally," Lowe, 60, tells PEOPLE in this week’s cover story that celebrates the most transformative moments in his life. "You want your kids to succeed and the notion of Johnny producing, writing, starring in [Unstable], at 28, is fantastic."

The Lowe duo, who play fictional father-and-son Ellis and Jackson Dragon, co-created and executive produce the series and their characters’ dynamic is inspired — to comedic effect — by their real-life interactions.

"I just have such pride in Johnny, in his ability to co-create a show like that, and the notion that my kid grew up to write a show and a character for me is [amazing]," he says, proudly noting his quick-study growth as an actor. "Johnny's work in season 2 is next level."

Lowe is equally as professionally entwined with his older son Matthew, a lawyer and businessman, whom he also shares with wife Sheryl Berkoff.

"Matthew and I have so many businesses that we're doing together. He is currently working for Eldridge [Industries], and they own the Dodgers, and they own Chelsea [Football Club]," he says of Matthew, who is a history buff like his dad, and shares Lowe's love of skiing and fishing.

"I was on the phone with him four times today with different things... So, I get the creative show-business with Johnny, and the business branding, investment opportunity with Matthew. I spend almost an equal amount of time with them professionally [and] personally, we've always been close."

Watching his boys grow up has the most gratifying experience of Lowe's life. "Becoming a dad was the best thing that's ever happened to me," he says. "It remains the best thing that's ever happened to me. It's also been the thing that I think I've been best at."

That said, he knows he's made his share of parenting mistakes along the way. "There's no perfect way," he says. "We all f--- our kids up in some way. I've learned that. But I feel very, very good that I was at a place in my life where I could devote all my energy to it."

That they've both matured into happy and productive men fills Lowe with joy.

"The notion that they both have found jobs that they can excel in is amazing," he says. "Watching both my sons become men, independent men with jobs is a huge thing... I'm so proud."

For more of Rob Lowe's PEOPLE interview, please pick up an issue, on newsstand Friday.