Bible readings should not be too long when there are very young children present. It is a book of 200 simple readings. You may prefer to use it for bed-time devotions, but it would be admirably suited for family table devotions where there are young children resent. Following the Bible reading, there may be a short explanation or discussion of the passage. Where children are present, prayers should be kept at the level of the child.
Some families use prepared prayers, while others pray extempore.
I think it is good to vary these two methods. To have God's Word stored in the memory is often the only anchor in the storms of life. It should be a natural, regular part of family life in the home. It should be an appointment with God for the whole family. And when guests are present, it can be a witness.