BBQ sauce is like a pot of chili - you make it to fit your taste.
I started off with a recipe for Southern BBQ Sauce from
The Frugal Gourmet (the 1984 book by the same name) and this is what I came up with:
3 cups Beef Stock
1/2 cup grated Onion
1/2 cup Granulated Sugar
1/2 cup Prepared Yellow Mustard
1/2 cup Worcestershire Sauce
1 (15 oz) can Tomato Sauce (or Puree)
1 (6 oz) can Tomato Paste
1/4 cup Dark Brown Sugar
1/4 cup White or Cider Vinegar
1/8 cup Liquid Smoke
1 tablespoon Black Pepper (finely ground)
1 tablespoon Garlic Powder (or 3 cloves finely minced)
1 tablespoon Chili Powder
1 teaspoon table salt
Just combine everything in a heavy saucepot - and simmer uncovered for about 2 hours until nice and thick. Stir frequently and keep an eye on it to keep it from burning/scorching.