Still clinging to the fame of his hit television sitcom, Life with Mikey, former child actor Michael Chapman struggles to maintain the New York City child talent agency he co-owns with his brother, Ed. One afternoon, Ed brings Michael to a commercial set to see their prized client, a bratty twelve-year-old named Barry Corman. The boy feels that Michael has not been supportive enough of his career as a breakfast cereal spokesman, but Michael refuses to appease him with an apology. Frustrated by his brother’s attitude, Ed considers quitting the business to pursue a more stable job that will support his family. Although Michael promises to pull his weight, he spends the weekend absorbed in his own faded stardom, appearing at a fan convention and watching old episodes of his television show. On Thanksgiving Day, a ten-year-old girl steals Michael’s wallet, and he chases her into an Upper West Side subway station. Pulling out a switchblade knife, she kicks him in the shin and runs away. Michael emerges from the station to find the girl telling an elaborate story to a crowd of wealthy onlookers, tearfully claiming that she pickpockets money so she can buy Christmas presents for her impoverished family. Impressed by her acting abilities, Michael introduces himself and searches for his business card, but by the time he looks up, she has disappeared. Sometime later, the girl calls his office, agreeing to return his wallet. They meet at a diner, and she introduces herself as Angie Vega, an orphan living with her teenaged sister in Brooklyn. Offering to represent her, Michael falsifies a resumé and takes her to a cookie commercial audition, where he charms the star-struck casting director into letting Angie read for the role. Angie’s frankness with the company owner, Mr. Corcoran, wins her the part, and Michael has Angie’s sister sign the commercial contract on her behalf. Angie convinces Michael to let her stay at his apartment until the commercial is complete, and the two clash once Angie moves into his bedroom and attempts to repair his messy living habits. When she refuses to return to school, Michael tells her about his isolated and unhappy experience being tutored on the Life with Mikey set. Angie relents, and Michael walks her to school the next morning. She returns with a swollen black eye—the result of a cafeteria fight with another student—that she poorly conceals with makeup. On the day of the Corcoran commercial shoot, Angie struggles to hide her thick Brooklyn accent while reading her lines, but after several dozen takes, completes the work to Mr. Corcoran’s approval. In the few weeks before Christmas, Angie films several more television spots and develops a close relationship with Michael. When she gets into another fight at school, Michael is called in to speak with her teacher, who informs him that Angie has problems expressing herself among the other children. Realizing he is Angie’s only trusted guardian, Michael throws her a party at the agency so she can socialize with other young clients, but the gesture leaves her embarrassed when she realizes he invited a boy she likes. Michael restores her confidence with an inspiring pep talk, and Angie enjoys the rest of the evening. The next day, Michael and Ed are summoned to Mr. Corcoran’s office, assuming that the businessman plans to make Angie his national spokesperson. In the meeting, however, they learn that Angie’s father is still alive and living in an upstate rehabilitation center, invalidating the contract signed by her sister. Since the commercials are now unairable, Corcoran threatens to sue the Chapmans if they cannot obtain the proper signature by the end of the day. Determined to save the business, Michael drives upstate to speak with Angie’s father, who consents to her showbusiness career, but harbors many regrets about his troubled relationship with his daughter. Michael returns home and suggests Angie move back in with her sister. Upon learning that he met her father, Angie complies, calling Michael a “has-been” who needs to straighten out his life. Over the next few days, Michael and Angie return to their separate routines, but are miserable without each other’s company. On Christmas Eve, Barry Corman’s mother stops by the office to announce that Barry plans to act on his long-standing threat to sign with a competing agency. After the meeting, Michael learns that Angie has been caught shoplifting at Lord & Taylor department store. When he goes to the store to talk to her, one of the employees excitedly notices Angie’s cookie commercial airing on the breakroom television. They decide to let her go, and Angie agrees to spend the remainder of the holiday with her father. Barry’s departure eventually causes the Chapman agency to close, but Angie, aware of the boy’s attraction to her, convinces him to return to Chapman. Although Ed welcomed the chance to start a new career, he begrudgingly accepts Michael’s plea to extend their partnership. Officially back in business, Michael signs a promising new client with an impressive singing voice, and the children celebrate.