Max is such a cutie! No wonder you fell in love
My opinion is, as long as you explain to your children the consequences of little Max getting stepped on or kicked, you should be able to make it work. I would set up an little area for him - like an expen, or a gated off room - that he can hang out in if your kid's friends come over.
I have a 9 year old son & I always have the "be careful and gentle with the puppies & don't all rush up at once and and squeeze them" conversation with his friends before they even walk in the door. I also keep the puppies gated with me in the kitchen if I feel like there is the potential of them getting hurt and/or over-excited.
Good luck!