And he's not even a parent!
Ergo over at Leitmotif has a very well-written post discussing whether or not it's possible to raise one's children to be Objectivists per se. He concludes, and rightly, that it's not possible, but that the focus of parents should be to teach their kids to think critically and "engage them at the sense-of-life level." There can be no such thing as an Objectivist preschool or elementary school because in order for a person to fully accept the tenets of the philosophy, he must be fully rational, i.e. an adult. There are no Objectivist chapters and verses for kids to memorize and even if there were, it wouldn't be reasoned learning, it would be indoctrination. The best way for kids to learn the virtues is for them to experience them in art (books, visual art, music) and also to observe and copy their (hopefully virtuous) parents.
I agree with Monica--it's a great read. Go there now.