Blanch the Brussels sprouts in boiling salted water for about 8 minutes or until they are just tender. Take care not to over cook. Drain and cut into quarters.
Cook bacon in a pan and set aside reserving 1 tablespoon of bacon grease. Add shallots to the pan and sauté in bacon grease until tender, about 3-5 minutes. Add the Brussels sprouts to the pan, season with salt and pepper, and sauté for about a minute. Remove from heat and mix in cranberries and pecans.