Its founders were a group of University of Wisconsin–Milwaukee students, among them Jeff Hansen, Doug Hissom and Joe Porubcan, who operated it from a series of rented flats near the campus.

Several of its founders went on to careers in the news media, including Jim McCarter, publisher of the Metro Times in Detroit; Bill Conroy, editor of the San Antonio Business Journal; and Bill Lueders, news editor at Isthmus in Madison.

Luhrssen returned to the Shepherd Express in late 1994 as arts and entertainment editor, a position he still holds.

The Shepherd Express also received national media attention after Timothy W. Maier wrote a series of articles about former Milwaukee Police Officer Lawrencia (Bambi) Bembenek.

The Shepherd Express has been published since 1997 by Louis Fortis, an economist and former member of the Wisconsin State Assembly.