Warning - I'm a bit fresh on the topic of running a game studio. I've been thinking a lot about how game indie studios work (never worked in one and there are none in my town. It would be nice to change that, but I'm not naive on the difficulty either). I suppose my traditional belief is the studio (whether it be one developer or a team) starts from idea conception to creation. But then I started thinking of board gaming and how the concept, game design and artwork is done and looking for a game development team to outsource the coding to. It seems that endeavor would cost them much more than any profits they made from the physical board game? And are there studios that take in mostly contract work, do most of the marketing and some coding/artwork but relying on subcontracting a chunk of the work out?
One studio I've admired is inkle and it seems they do indeed rely on other artists and coders and play more of a "director role." That's not to say they're not doing a majority of the code/artwork. http://www.inklestudios.com/about/