Melt ghee in a pan and fry bacon over medium-high heat until cooked through and crispy. Remove the bacon from the pan, and set the strips on a pan to cool slightly. Drain the bacon fat, and reserve two tablespoons in the pan.Decrease the heat to medium-low. Toss the shallots into the hot fat, and saute them until deeply fragrant and browned, about 15 minutes.Combine bacon and cheddar in a food processor and pulse until well-blended. Add the cream, shallots, and sherry to the bacon and cheddar, and continue to process them together until they form a smooth, spreadable paste.Spoon the cheese spread into a jar or into ramekins, and either serve right away or store, carefully covered, in the fridge for up to a month. Remember to bring the potted cheddar to room temperature before serving, and spread over crackers or bread as an appetizer or starter.