If they are under 16 they are only entitled to economy class (remember NO UPGRADES), so even though you and the wife are eligible for Business one of you has to sit with the kids in economy. Great situation as you and your wife then have to discuss who gets to sit in business and who goes to economy with the kids.
Hmmm, that's a short discussion in my family. What's business like anyway? My wife says it's quite nice...