If it were a Fozzie Bear puppet, I would have him pester me to hold the balloon. I'd decline but finally give in, then pretend the balloon was lifting him up over my head because he's too small to hold a balloon. The puppet would be scared, I'd make a big show of trying to pull my arm down and fail. I'd urge the puppet to let go of the balloon, but it would refuse, saying it was afraid to fall. I'd promise to catch it, then the puppet would say (in a disgusted voice) "after all I went through to get this balloon?" Finally I'd have a child help pull my arm down and give them the balloon. (And the puppet would promise to catch the child if the balloon lifted him up.)
