In the bowl of a stand mixer with the paddle attachment, add softened butter and confectioners’ sugar. Mix on low speed until well combined—about 1-2 minutes.

With the mixer stopped, add sweetened condensed milk, shredded coconut, chopped pecans, and vanilla extract. Mix until all ingredients are well incorporated—another 1-2 minutes.

Gently fold in the chopped maraschino cherries, distributing them evenly throughout the mixture.

Transfer the mixture to a covered container and refrigerate for at least 3 hours, or up to overnight to firm up.

Once the mixture is firm, line a baking sheet with parchment paper.

Using a 1-tablespoon scoop, drop the chilled mixture onto the parchment paper, rolling each piece into a ball. Return to the refrigerator while preparing the chocolate.

In a microwave-safe bowl, combine semi-sweet chocolate chips and vegetable oil. Heat in 20-second increments, stirring after each interval until completely melted and smooth. Allow to cool slightly for about 2-2½ minutes.

Using a fork, dip each candy ball into the melted chocolate, coating it fully. Let excess chocolate drip off before placing it back on parchment.

For an optional touch of flair, sprinkle dipped candies with coconut flakes before the chocolate sets.

Allow the chocolate coating to set—this usually takes about 30 minutes at room temperature or about 10 minutes in the fridge.