Extant research on experiential learning primarily conceptualizes it as an opportunity for student learning. In this article, we broaden the scope to consider the impact of the student experience on two often-overlooked actors: the university and the host organization. We review three vignettes that illustrate core themes that can affect university-organization partnerships: developmental readiness and professional preparation. Through these vignettes, we demonstrate that, by offering minimal guidance to students during experiential learning, the risks surpass those related to student learning by generating very real risks to the institutional brand and its organizational partnerships. After discussing the considerations, risks, and recommendations for each theme, a generalized framework for implementing preparation, guidance, and support during experiential learning opportunities is presented as a way of mitigating key risk factors.