Rob Lowe praises his son John Owen’s work on ‘Unstable’ (exclusive)

Rob Lowe can hardly believe his luck sometimes. It’s one thing to have a successful show in Netflix comedy Unstablenow in its second season. But to be able to work on the series with his son John Owen? That is a very special pleasure.

“It’s a dream, personally and professionally,” Lowe, 60, tells PEOPLE in this week’s cover story, which celebrates the defining moments of his life. “You want your children to succeed, and the idea of ​​Johnny producing, writing, starring (Unstable), at 28, is fantastic.”

The Lowe duo, who play fictional father and son Ellis and Jackson Dragon, co-created and executive produced the series, and their characters’ dynamics are inspired – to comic effect – by their real-life interactions.

“I’m just so proud of Johnny and his ability to help create a show like that. And the idea that my kid has grown up and written a show and a character for me is (amazing),” he says, proudly pointing to his rapid development as an actor. “Johnny’s work in Season 2 is on a whole new level.”

Professionally, Lowe is also close to his older son Matthew, who is a lawyer and businessman and to whom he is also married, Sheryl Berkoff.

“Matthew and I do so many businesses together. He currently works for Eldridge (Industries), who own the Dodgers, and they own the Chelsea (Football Club),” he says of Matthew, who, like his father, is a history buff and shares Lowe’s love of skiing and fishing.

“I spoke to him on the phone four times today about various things… So, with Johnny I have creative show business and with Matthew the business of branding and investment opportunities. I spend almost equal time with them professionally and privately, we have always been close.”

For Lowe, watching his sons grow up is the best experience of his life. “Becoming a father was the best thing that ever happened to me,” he says. “It remains the best thing that ever happened to me. And I think it’s what I do best.”

However, he knows he’s made some mistakes as a parent along the way. “There’s no perfect way,” he says. “We all screw up our kids in some way. That’s what I’ve learned. But I feel very, very good that I was at a point in my life where I could put all my energy into it.”

Lowe is delighted that they have both grown into happy and productive men.

“The idea that they’ve both found jobs that they can excel at is incredible,” he says. “To see my two sons grow into men, independent men with jobs, is a big deal… I’m so proud.”

For more PEOPLE interviews with Rob Lowe, pick up Friday’s issue on newsstands.