Bring the chicken broth and salt to a boil in a sauce pan, whisk in grits, then set the heat to low. Cover the pot and allow the grits to simmer, stirring occasionally, for at least 30 minutes. If the grits are too thick before end of cooking time, add more broth 1/4 cup at a time.
While the grits cook, heat a large pan to medium-high heat and cook the sausage until it’s browned and crispy, reserving the rendered fat in the pan. Remove and place on a paper towel-lined plate to drain.
Lower the heat to medium, add the bell pepper, onion and Serrano (add oil if pan is too dry), and saute until soft and the onion is translucent. Add the garlic and pepper flakes. When the garlic just starts to brown, add the chicken broth and wine to pan. When the liquid starts to simmer, add the shrimp and butter and cook for about 2 minutes, until the shrimp is firm and pink.
When the grits are cooked and creamy, stir in cheese, butter and cream. Season to taste with salt and pepper.
Spoon warm grits into bowls, top with shrimp and its sauce. To finish, drizzle the barbecue sauce over the dish, sprinkle with smoked paprika and chopped cilantro, and serve. Optional: top each serving with a fried egg.