Step 1: Combine the ketchup, brown sugar, bourbon, cider vinegar, molasses, Worcestershire sauce, mustard, liquid smoke, hot sauce, onion powder, garlic powder, and pepper in a nonreactive saucepan and whisk to mix.

Step 2: Gradually bring the sauce to a simmer over medium heat and let simmer until thick and flavorful, 8 to 10 minutes. Taste for seasoning, adding more cider vinegar if necessary; the sauce should be highly seasoned. Transfer the sauce to a bowl or clean jars and let cool to room temperature. Refrigerate the sauce, covered, until serving time; let it return to room temperature before using. The sauce can be refrigerated for several weeks.