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Sheppard and his wife, the former Stacey Reed (herself a former Kentucky basketball player), now live with their two children in London, Kentucky. They own an apparel company and are involved with various community activities. Sheppard is also vice president for business development with Wazoo Sports, a regional television sports network concentrating on sports in Kentucky. In 2010, he was involved with a project to restore video and audio of Kentucky's 1958 national championship team.2
^Story, Mark (2008-01-27). "Basketball not included". Lexington Herald-Leader.