This depends upon the skunk, the other pets and the children. Dogs, cats and kids do well if all are introduced properly. You know your pets and children. You are the judge. I do not recommend small children handling skunks.
Kids are kids and skunks are skunks.
A small child does not know if it is holding too tightly. This could end up being a very bad bite . . . and very angry parents. By this time you might think you have to be crazy to live with a skunk. The truth is, well, skunks are not for everyone. Skunks can live up to 20 years plus.