Be wary about splitting management responsibility between various children. You can, however, split ownership: for example, by giving each child shares without dividing management.
Prepare (or update) a shareholders' agreement. Talk through all the key issues such as what the strategy will be. Ensure that the discussion covers ways of resolving disputes and what will happen if one of the children wants to sell out of the business. If the other children will have to buy those shares, consider how they will be able to afford them.
Think also about the potential for conflict between children who work in the business, and those who only own shares. You could choose to give them different rights. For example, the children who will run the business could have voting shares, while others had non-voting shares but with preferential rights to dividends.
