This seems tailor-made for a semaphore. Specifically, this is easy to implement with "System V semaphores". See semget(2) and semop(2).
The idea is that you obtain a semaphore in the parent, initialize its value to N, then have each child as it's "ready" decrement the value by 1. All children wait for the result to become 0. Voila.
Here's a sample program
#include <stdio.h>
#include <unistd.h>
#include <sys/types.h>
#include <sys/ipc.h>
#include <sys/sem.h>
#define N 5
int main(int ac, char **av)
{
int i, n, sem_id;
sem_id = semget(IPC_PRIVATE, 1, 0777);
struct sembuf buf;
buf.sem_num = 0;
buf.sem_flg = 0;
// Initialize semaphore value to N
buf.sem_op = N;
n = semop(sem_id, &buf, 1);
// All children will do the same thing:
// decrement semaphore value by 1
// wait for semaphore value == 0
for (i = 0; i < N; ++i) {
if (fork() == 0) {
printf("Child %d (%d) started\n", i, getpid());
sleep(i + 1); // Sleep awhile.
buf.sem_op = -1;
n = semop(sem_id, &buf, 1);
buf.sem_op = 0;
n = semop(sem_id, &buf, 1);
printf("Child %d (%d) done\n", i, getpid());
return 0;
}
}
return 0;
}