In a heavy pot, cook the bacon over medium heat to render the fat, about 5 minutes. Discard all but 2 tablespoons fat.
Add the onion, pepper, and garlic and cook until the vegetables are soft, about 5 minutes. Stir in the beans, molasses, barbecue sauce, ketchup, sugar, Worcestershire sauce, mustards, vinegar, and liquid smoke. Simmer the beans, uncovered, until rich and thickly flavored, 10 to 15 minutes, stirring with a wooden spoon. Alternatively, place the baked beans in a deep baking dish and bake in a 350 degree oven for about 30 minutes. Add salt, pepper, or any other ingredient to taste.
Recipe courtesy of Steven Raichlen, author of The Barbecue Bible and Barbecue Bible Sauces, Rubs, and Marinades (Workman Publishing)