The absence of Dan, a series of family squabbles, and a shocking revelation by Bev mar the Conners' first Thanksgiving as a rich and famous family, and they start to realize that money does not necessarily buy happiness.

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The Cranes pack up and visit Lilith and Frederick for Thanksgiving. Lilith and Frasier meet with the dean of a prestigious school, hoping to enroll Frederick. After their initial visit goes poorly, they return time and time again, hoping to ingratiate themselves with the headmaster.

When the Mayor's office competes against City Council in an annual Thanksgiving contest, the stakes are high, since the losers must croon a show tune in front of the press. James has trouble breaking up with a longtime girlfriend visiting from Wisconsin.