In a medium saucepan, combine ketchup, apple cider vinegar, brown sugar, molasses, Worcestershire sauce, mustard, honey, onion powder, garlic powder, black pepper, smoked paprika, salt, liquid smoke, and cayenne pepper (if you like a little heat). Stir everything together until the mixture is smooth and fully blended.

Place the saucepan over medium heat. Let the sauce come to a gentle simmer, stirring now and then. Once it’s simmering, lower the heat and cook for about 10–15 minutes, stirring occasionally, until it thickens slightly.

Take the pan off the heat and let the sauce cool to room temperature. Pour it into an airtight jar or container and store it in the fridge. It will keep for 2–3 weeks, and the flavors get even better after a few hours.