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February 9, 2012 DAKOTA COUNTY TRIBUNE BUSINESS WEEKLY
CEO diversifies her business to survive credit crash Terri Shepherd starts background investigation company to complement collection agency by Stacey Ackerman SPECIAL TO THE TRIBUNE
When the credit market tanked a few years ago, Terri Shepherd, CEO of Burnsville-based Xact! Resources, a collection agency, knew she had to diversify her company or it would take a dip along with the economy. As an innovative businesswoman, Shepherd found a complementary service to her existing business — Xact! Due Diligence, a background investigation company that deals with something on the forefront of business owners’ minds today: fraudulent activity. “With Ponzi schemes and fraud in the news almost daily, everyone wants as much information as possible before doing business with anyone,” she said. “Our company can research and provide that data for our clients.” One of Shepherd’s greatest business challenges is educating clients on the differences of data sources.
“Many clients think Internet searches such as Google will provide the information they need,” she said. “However, Internet and database information in most cases cannot be relied upon. We focus on educating our clients on how important it is to get direct records.” Shepherd started Xact! Resources in 1985. Xact! Due Diligence launched as a separate company in 2007. As a Burnsville High School graduate and a Prior Lake resident for the past 27 years, Shepherd has strong ties to the community. “I wanted to have my company close to home, but also have the ability to recruit
great talent in this area,” she said. “We have never had any problems finding very qualified people, and it has been a selling point to allow employees to work close to home and have convenient access to freeways and parking.” Shepherd is a skilled networker and places a lot of value in building ties in her community. She serves as a member of the United States, Minnesota and Burnsville chambers of commerce. “It is important to be involved in your community,” she said. “I learn from every organization I am in, and it helps my business.” Shepherd is a big fan of the Franklin Covey company
of organization and motivation products and lives by Covey’s motto: “Seek first to understand.” She claims the best business decision she has made was diversifying her business. “By launching XDD it has allowed us the ability to reach into other arenas that I would have never imagined,” she said. “By diversifying, I have been able to focus in different areas along the way and allow myself options for my future.” Shepherd’s most significant accomplishment was starting Xact! Due Diligence and keeping it alive during very difficult credit markets. Her future goals are continued growth of XDD for the next five years, and then further diversifying her business offerings by building another service company from the ground up. Shepherd was fortunate enough to have a great mentor who was president of a company she admired. He gave her the confidence to do whatever she wanted. She acquired his company in 1995 and they remain good friends. Her advice to other women business leaders: “Learn to work on your business not in your business. Become the ambassador of your company. Network! Find mentors and advisers that you can trust and work diligently at developing those relationships. You never know when you will need advice from someone.” Xact! Resources, Inc. and Xact! Due Diligence are 100 percent women-owned and certified by the Women’s Business Development Center and the Women’s Business Enterprise National Council. The companies adhere to all federal supplier diversity requirements and hold many local certifications. Stacey Ackerman is a freelance writer from Lakeville.
Terri Shepherd Founder and CEO of Xact Resources Inc., Burnsville
“It is important to be involved in your community. I learn from every organization I am in, and it helps my business.”