In a medium saucepan, add the ketchup, bourbon whiskey, honey, apple cider vinegar, brown sugar, molasses, and Worcestershire sauce. Stir in smoked paprika, garlic powder, onion powder, black pepper, cayenne pepper (if using), and a pinch of salt.

Place the saucepan over medium heat. Whisk or stir continuously to combine the ingredients thoroughly. Bring the mixture to a gentle simmer. Reduce the heat to low and let it simmer uncovered for about 10-15 minutes. Stir occasionally to prevent sticking and to allow the flavors to meld and the sauce to thicken.

Taste the sauce and add more salt or cayenne pepper if desired. If it’s too thick, add a tablespoon of water and stir well. Remove from heat and let cool slightly before using.