The 7mm-08 is a great round. Be sure to use really good hearing protection when introducing your kids to high powered rifles. The 7mm-08 has fairly light recoil, but you can make it even better for your kids if you buy the Remington Reduced recoil ammo in 7mm-08. I think Academy has it.
My brother switched from a 30-06 to a 7mm-08 about ten years ago. I have killed three deer with his rifle and it's very sweet. You can actually watch the impact of the bullet because the recoil is so moderate. My brother has killed well over a hundred deer with his 7-08. He uses the Remington 140 grain core-lokts and swears by them.
Nothing wrong with a .243 either. Just use good bullets like the 100 grain remington or the 100 grain Federal Fusions, or, better yet, the 85 grain TTSX from Federal. The TTSX is an all copper bullet and will exit the deer giving you a blood trail damn near every time.
Good luck.
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