Executing Shortcodes in Custom Fields

Hi! I am trying to create and make shortcodes work in Custom Fields. The code below works great.

I am using More Fields plugin so instead of calling the value of the custom field using this code:

<?php meta('features'); ?>

I use this code instead:

<?php if (get_post_meta($post->ID, 'features', true)) {
  $shortcode = get_post_meta($post->ID, 'features', true);
  echo do_shortcode("$shortcode");
  } else { echo ''; } ?>

It works great except that it cannot properly output a shortcode within a shortcode.

What I need to do is something like this:

[paragraph][bold]This text is in bold.[/bold] This is the rest of my paragraph.[/paragraph]

The code above properly outputs the [paragraph] shortcode but not the [bold] shortcode.

Any suggestions? Thank you so much for the help.