(Before you replied skwire I did a small rudimentary app in AutoIt3.)
The program is called RunGroup. You can run more than one copy. The idea is to put a copy of RunGroup.exe in a folder and run it. The first time it will quit saying you must have an .ini file. It will generate the .ini. You just filll in the Master Program and up to 4 SubPrograms. (Don't use double quotes even if there is a space in the path.)
Here's an example .ini filled in:
SubProgram1=C:\Program Files (x86)\FavesSoft\FavesSA.exe
SubProgram2=C:\Program Files (x86)\JGsoft\EditPadLite\EditPadLite.exe
How it works is, it launches all the subprograms, then launches Main Program and waits for it to finish. After Main Program is closed, it checks if each SubProgram is running. If so, it gives a MsgBox do you want to kill it? If you click Yes, it's killed. Very simple. You can have a different folder with RunGroup.exe for each .ini file.
It's primitive, but as skwire says, it's a pretty elementary task.
I looked around some of the freeware sites and I didn't notice a launcher that's combined with a monitor like this. Kind of surprises me. There probably are some that I didn't happen to hit on.
RunGroup.zip just has the RunGroup.exe in it. It's pretty simple so you shouldn't need more instructions than this post.
edit: oh, one other thing. If you want to pass a command line onto the Main Program, run RunGroup.exe with a command line and it will be passed on. In the example above if you did this command at a command prompt:
then notepad would open with Readme.txt if it exists.
If you don't like command prompts you can make a shortcut with the command line as part of the Target line etc..
edit2: AutoIt3 scripts compiled to .exe can give false positives in anti-virus programs. Must be something in the exe wrapper that matches a signature in some of them. You can run the program inside something like Sandboxie to see what it does if you don't trust it.